Cryptocurrency in India: What's the govt's stand, legal status, its future
Around 7 million Indians have already pumped in over $1 billion into cryptos and the government has the tough task to allow fintech space to flourish in India while making sure it's done without safety concerns
- May 20, 2021,
- Updated May 20, 2021 4:51 PM IST
Recent developments in the crypto world, including Bitcoin freefall from $65,000 in April to below the $40,000 mark after Elon Musk's statements, have brought back focus on laws around the governance of cryptocurrencies in India. Around 7 million Indians have already pumped in over $1 billion into cryptos and the government has the tough task to allow fintech space to flourish in India while making sure it's done without safety concerns. Let's understand the central government's stand on cryptocurrencies and their legal status in the country.
Recent developments in the crypto world, including Bitcoin freefall from $65,000 in April to below the $40,000 mark after Elon Musk's statements, have brought back focus on laws around the governance of cryptocurrencies in India. Around 7 million Indians have already pumped in over $1 billion into cryptos and the government has the tough task to allow fintech space to flourish in India while making sure it's done without safety concerns. Let's understand the central government's stand on cryptocurrencies and their legal status in the country.