The demand for cryptocurrencies has witnessed a bullish run in the Indian market ever since the Supreme Court removed the ban imposed by the Reserve Bank of India (RBI) in March 2020. It has become an important asset class, especially for the young and technologically-agnostic sections of the population. Both fintech companies and banks have started creating bank accounts and wallets to trade in crypto. This indicates that cryptos will soon be formally accepted in the broader financial system. It is not just used for daily trading but also being viewed as a viable long-term investment.Though close to 1.7 million Indians actively trade in digital assets, Cryptocurrencies have still not been recognized as a legal tender by the Government. Hence, appropriate legislation is the need of the hour, with the focus shifting towards safeguarding the rights of investors and preventing unscrupulous activities like terrorism financing and money laundering. The Union Finance, Electronics and Information Technology, and Law Ministries, along with the RBI are planning to pass a bill in the Parliament soon.There have also been reports that India is planning to impose an 18% tax on Bitcoin transactions that would yield a revenue of $1 billion to the government every year. These recommendations came from the Central Economic Intelligence Bureau (CEIB). This can encourage institutional investors to participate in the space. GST has already been levied on Indian Cryptocurrency exchanges like WazirX, CoinDCX, and Bitbns for trading fees.Cryptos are increasingly used in online betting rackets.Indian investors have lost more than $500 million in various scams between 2017 and 2019, according to data published by CoinTelegraph.Many fake Altcoins and dubious Crypto wallets are emerging in the market, cheating gullible investors through false Cryptocurrency creation.Blockchain-based wallets offer handsome discounts to get investments and stop responding to the investors after a certain period.43\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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