TL;DR Breakdown
• The cryptocurrency ban in India does not have a solid foundation.
• India attempting to create digital currency along with Dubai, China, or the United States.
The HDFC Bank reports that it is time the Indians give legal access to cryptocurrencies. The cryptocurrency ban is very confusing in India due to the announcements given by the Supreme Court.
Although a meeting was held in March 2020, the superior court did not ban cryptocurrencies. However, the National Reserve Bank has advised financial institutions not to use cryptocurrency platforms.
But the report called “Cryptocurrencies: Fad or Forever?” points to crypto as a potential asset that can protect other assets. The only impediment to approval is that cryptocurrencies are volatile in price; a situation caused by speculation. Widespread and retail interests can also cause this volatility, Mint clarifies regarding HDFC Bank’s findings.
Crypto Report Basics
The report clarifies that a positive correlation was found between gold and the performance that Bitcoin has today. Although the link has been weak, it has increased over time since the creation of Bitcoin more than a decade ago.
India’s cryptocurrency ban can leave more than half a million investors in financial limbo. But the country’s central bank, supported by RBI, wants to create its virtual currency for Indian merchants. The Indian cryptocurrency is expected to be regularized by the authorities.
Dubai Coin, DubaiCoin, and China’s Digital Yuan are examples of CBDC launched. The United States, the United Kingdom, and the European Union are also joining in with their decentralized currencies. Everything indicates that India wants to be part of this group that believes in the crypto scheme.
The cryptocurrency ban increases market purchases
Although the cryptocurrency ban may be very close, many companies and merchants do not hesitate to buy their tokens. Cryptocurrencies have reportedly gained more and more interest since many financial companies have seeked to regulate them.
Remarkably, all the performance that Bitcoin had in 2015 had an increase of 10.869% in less than six years. By 2020 the cryptocurrency had a value of $33 million dollars compared to $3.4 million dollars in 2014.
This slight increase made many investors look past a possible cryptocurrency ban because it seems insane. Bitcoin or other cryptocurrencies are likely not to be banned because it is not in the best interest of the government.
Since the inception of crypto, India has had numerous conflicts with cryptocurrencies, so this announcement is not a novelty. In the coming days, the authorities can do new reviews about cryptocurrencies and decide what to do in the future market.
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