The Significance of Crypto for Indian Investors
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, Electroni...