In an official revelation to a leading news updater, the Finance Ministry of India announced that crypto regulations in India will be implemented in the month of February of the year 2022. India, the country which has long been uncertain when it comes to cryptocurrencies, is highly likely to disclose crypto regulations along with the year’s budget.
Well, it is definitely a piece of news to lay an emphasis on, as the crypto freaks of the country were waiting desperately for the blurring around cryptocurrencies regulation to be cleared. The dedicated crypto community of India was suspicious when it came to what decision will the Indian government take regarding crypto.
Cryptocurrencies have really faced a lot in the country with initially being de-facto banned in the year 2018 by the Reserve Bank of India. Though in the year 2020, the Supreme Court of India lifted the ban on cryptocurrencies, the absence of regulations was a major matter of concern for investors.
However, crypto enthusiasts were filled with joy when the Finance Minister of India, Nirmala Sitharaman, said that India won’t completely shut crypto, as it is a technology of the future and hence, slamming doors on crypto will not prove to be the best financial decision.
In addition to this, it should be noted that the Reserve Bank of India (RBI) is focused on exploring a CBDC (Central Bank Digital Currency) backed by the state, and the trial project might be launched by the end of this year.
Indian crypto investors, majorly teenagers and tech lovers, have been dwelling deep into crypto trading and investing witnessing the humongous returns of crypto assets and increasing adoption.
In accordance with the data revealed by market data aggregators, India has witnessed a surge in the crypto trading volume since the month of May, clearly indicating that imposing a ban on digital assets, will wash away a significant amount of money out of investors’ wallets.