As Bitcoin and altcoins gained popularity, individuals all over the world began trading and investing in cryptocurrencies. A similar phenomenon was also seen in India, particularly in the years 2020-2021. The RBI enacted several rules. Bitcoin and altcoins were prohibited in India, although crypto trade resumed over time. They are no longer understood as legal cash by the government and are not controlled by the RBI. No rules and regulations exist that restrict cryptocurrency trading. This brings a question. Will there be a powerful wave in India? In this post, we will have a look at that.
Will There Be A Crypto Wave In India?
According to one poll, 95.20 percent of all participants agreed that cryptocurrency would remain in India after a generation. While the remaining 4.80 percent of respondents believed that virtual assets will vanish in the upcoming years due to government rules that may be enacted in the future. However, because a huge number of people are spending their money on Bitcoin and altcoins, there is a potential that they will survive in the future despite government rules. Many people are not fond of the stock market because stocks are not as volatile as cryptocurrencies. They are manipulated by rich people.
Beginners can face problems when approaching the stock market. Considering the uncertainties surrounding the fate of digital currencies in the country, purchases are uncontrolled on them, particularly Bitcoin. It has demonstrated an astonishing increasing trend since last year. According to data from several local crypto trading platforms, millions of people have invested in cryptocurrencies, which surpassed the $10 billion milestones this year only. The rising number of cryptocurrency users signals a move in the nation’s financial paradigm. The paradigm was secure for stable assets like gold. Many people really think that cryptocurrencies can replace many assets that are lying in India.
Crypto Wave In India
The prohibition was a huge setback, prompting crypto trading platforms to file a writ challenge in the apex court, and the prohibition was eventually overturned, pronouncing the RBI circular invalid. As a result, crypto trading platforms reopened, and the Supreme Court verdict arrived at the greatest possible time. Nevertheless, the fight for Bitcoin and altcoins within the country was far from done. Last year only, the central government declared that it will draft legislation to curb cryptocurrencies. Finally, the government declared it will put cryptocurrencies in a tax slab and will charge a 30 percent tax on every type of crypto trading.
According to current indicators, a robust legal regime would be implemented to cope with cryptos. The choice on which legal regime would handle the matter is still being made. Most probably, the administration will view cryptocurrency as an investment vehicle rather than a currency. Experts believe that laws will increase openness and responsibility for crypto exchanges. Balances and checks may also be used to avoid fraud and track global transactions. Despite uncertainties about the fate of cryptos, bitcoin usage has accelerated in the previous two years, with India being the largest investor. Bitcoin is one of the favorite cryptocurrencies.
Different Types Of Cryptocurrencies
Bitcoin, the planet’s original crypto, was created for decentralized transactions. The goal was to allow quicker and cheaper payments. It has proven to be a valuable safe haven throughout the years. Although one unit of Bitcoin was worth about $1 in 2009, it reached its ATH of $65000.
Any public decentralized system can accept cryptocurrency. The next type of cryptocurrency is stablecoin. They are stable because they are backed by physical assets. Some examples are fiat and gold. These cryptocurrencies are used to hold the profits in the market. USDT is the most popular stablecoin in the crypto market.
Meme coins and fan tokens are getting popular these days. Dogecoin and Shiba Inu are the most popular meme coins that are available in India. Trading with other meme coins could or could not be possible because they are new in the market. Most of them may be the pump and dump schemes. From a reputable crypto platform, you can learn about these cryptocurrencies. Bitcoin, Ethereum, Cardano, Enjin coin price prediction 2025, etc., are available on these platforms. If you are trading or investing in cryptocurrencies, you should keep yourself updated. Not keeping yourself updated will bring bad results only.
In this post, we have seen much about the crypto wave in India. Cryptocurrencies are not going to vanish in India because millions of people have already invested their money in Bitcoin and altcoins. The two most powerful altcoins here are Dogecoin and Shiba Inu. These meme cryptocurrencies have made people rich in India. Bitcoin is still the king. The government of India has given a chance for cryptocurrencies to flourish. Putting a complete ban will bring a huge loss to the people. If you want to invest in cryptocurrencies, you should get started. Many of them are at low prices.