Current situation of bitcoin in india

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After Bitcoin Crosses $50,000, What's The Status Of Cryptocurrencies In India?

X XinFin Network. K Keep Network. He even bats for a digital currency. Since , China's central bank had been considering the possibility of creating a cryptocurrency, but bitcoin exchanges and other cryptocurrency platforms were banned in that country. Recent reports say that China is finally shifting its policy in favour of launching a state-backed cryptocurrency.

Bitcoin INR (BTC-INR)

It also passed a new law at the start of this year aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information". Media reports say that the digital cash, called the Digital Currency Electronic Payment DCEP and backed by China's central bank, is expected to challenge the dollar's dominance in the global financial system. Experts in India say that the advantages of cryptocurrencies are many. For instance, Rahul Pagdipati, CEO of ZebPay, says bitcoin has introduced decentralised, triple-entry accounting and a value transfer system that reduced rent-seeking, fights corruption and resists inflation.

A ban would end up banning investing in Indian blockchain start-ups, and venture capitalists will be forced to shut down or move overseas.

Cryptocurrency Market — TradingView — India

Sumit Gupta of CoinDCX is of the view that bitcoins should be allowed to continue as a value store, and people should be able to continue investing. The pandemic, when millions were forced to work from home, has only helped strengthen the buzz around cryptocurrencies. Why investors are concerned about a blanket cryptocurrency ban India Today Insight Experts find merit in allowing cryptocurrencies to continue as an asset class. The catch however, is that US authorities do not know where Reynolds is and would find it difficult to recover the money.

Bitcoin has already become an asset class in India.

There are more than 1 cr people holding the crypto in India. Elon Musk on Twitter said Tesla can accept bitcoin payments directly and that those sums "will be retained as bitcoin, not converted to fiat currency. Powell also said the Fed is researching the potential for a central bank digital currency, though he added that the Fed is not yet near a decision about implementing one. While the Nifty has jumped 73 percent in FY21, bitcoin has seen a dizzying rally of more than percent, as per Coinmarketcap. Gold has risen just about 7 percent in FY21, so far.