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The market for cryptocurrency and blockchain technology has surged significantly in recent years, especially during the COVID-19 pandemic lockdowns, when much of the country's population was forced to stay at home. The country has 15 homegrown cryptocurrency exchange platforms.īetween 15 and 20 million people in India are estimated to own cryptocurrencies, with holdings totaling approximately $6 billion (€5.31 billion), industry figures indicate.
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India has become one of the biggest markets in Asia for cryptocurrencies and one of the fastest growing in the world. Watch video 02:51 Indian PM Modi warns cryptocurrency could 'spoil' youths India's crypto boom I have sold bitcoins at a profit," Singh told DW. "The best part is that it helps us invest in small amounts. almost over 500 times and bank deposits hardly give us less than 7% in a year," Pritha added.Īlso unfazed by government warnings, graduate Manisha Singh insists the crypto market is a "great way to build up wealth" in India.
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"Some of my trades have resulted in very attractive returns. "Even if there are restrictions imposed by the government, I hold multiple trading accounts in domestic, as well as foreign exchanges," Pritha Sengupta, a 25-year-old entrepreneur, told DW. The government has also warned that unregulated crypto markets could become avenues for money laundering, fraud and terror financing.Īt least eight cases of cryptocurrency-related frauds are under investigation by the Directorate of Enforcement, India's agency tasked with fighting financial crime.īut despite warnings from the government and details of the planned bill still in the shadows, many cryptocurrency investors are hoping they will still be able to trade. The central bank has repeatedly warned cryptocurrency could pose "serious concerns on macroeconomic and financial stability," while Prime Minister Narendra Modi in November said cryptocurrencies could "spoil our youth." India hopes that a ban would pave the way for the Reserve Bank of India - the country's central bank - to gain control over digital money, despite concerns over the lack of advanced data protection laws. India is preparing to clamp down on its booming cryptocurrency trade with a new law likely to be introduced in parliament this month.ĭetails of the legislation remain unclear, but the government wants to ban all private digital currencies, with some exceptions. Fearing financial instability, the Indian government is in talks over a bill that could see a ban on private cryptocurrencies while creating a framework to bring in an official digital currency by its central bank.ĭetails on the legislation are still limited but it is listed for hearing in Parliament in late December