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While the Centre is unlikely to allow cryptocurrencies like bitcoin, ethereum etc.
The Indian cryptocurrency industry, which includes exchanges like WazirX and CoinDCX, has requested the government to reconsider the ban. Platforms like WazirX have seen millions of dollars being spent on crypto in India just over the past couple of months.
So, to avoid loss of wealth, the industry has said it will be a better idea to tax them, instead of a ban. This is another aspect that baffles many. Cryptocurrencies are held in digital wallets and transferring them from one user to another can be as easy as sharing pirated movies on a thumb drive.
Criminalizing crypto exchanges will make all crypto exchanges targeting Indian users illegal. The overall blockchain industry is also worried that this might make it more difficult and costly to develop new blockchain-based products. Firms often build products on top of the ethereum or other blockchains, and they fear a ban on ethereum may mean using its underlying infrastructure will also become illegal.
Having said that, CBDCs are different from currencies like bitcoin and ethereum, because they have a central authority controlling them. Click here to read the Mint ePaper Mint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.
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You are now subscribed to our newsletters. How will India regulate cryptocurrencies? Sharad Pawar unwell, to be admitted to Mumbai hospital for surgery; cancels all programmes 1 min read. Third Covid vaccine in India likely to be approved soon: Dr Reddy's official 2 min read. As it stands, the volatility coupled with the strength of the gains seem to be playing in the favour of wider-spread adoption and continued high prices.
According to PlanB, Bitcoin price is still on its way upwards despite the minor fall below the new all-time high. Research from the Bank of America suggests that it won't take a great amount of US Dollar inflows to move the Bitcoin market. Becky Mar 26, Related Articles.
Bitcoin price still rallying according to analyst According to PlanB, Bitcoin price is still on its way upwards despite the minor fall below the new all-time high. Bitcoin still poised for volatility, according to Bank of America Research from the Bank of America suggests that it won't take a great amount of US Dollar inflows to move the Bitcoin market. Cookies ensure that we give you the best experience on our website.