New Delhi: In 2016, when Hiten Malviya (29) bought Bitcoin for the first time, the virtual currency was worth less than $ 1,000.
After the initial investment of Rs 40,000, Malviya had become ‘Crypto Millionaire’ in a year because the Bitcoin value reached $ 20,000 in 2017-end.
However, in 2018, Malviya lost nearly 80% of its clean wealth because Bitcoin prices fell to $ 3,000.
He could not even access his assets because of the RBI ban on Crypto trade facilitation by the Bank.
“It is a difficult time not only financially but also socially.
Crypto is considered illegal,” Malviya said.
Crypto is still in a legal gray zone but has become a household phenomenon in the middle of a pandemic because the prospect of multi-bagger returns attracts Indians to a very volatile digital token.
According to Reuters, up to 15 million Indians have crypto assets.
The increase in the popularity of Crypto captured the attention of policy makers earlier this year.
Last month, the government said it would introduce a bill that wanted to ban the ‘Cryptocurrency Private’ while allowing the ‘exception to promote the underlying technology in the ongoing parliamentary session.
However, the vague announcement of the government, has scuted Indian investors and caused heavy sales.
Nishcal Shetty, CEO of Crypto Exchange, Wazirx, said, “Indian markets are traded with a 15-20% discount for global briefly.
The same description of the bill as in January has induced fear between investors,” he said.
However, parliamentary winter sessions throughout the moon will end on Thursday and there are no billing signs.
To add to investor concerns, RBI last week told the council that complete Crypto prohibition was needed because partial restrictions would not work.
The domestic Crypto industry, which includes Startup Unicorn, has been in talks with Government statements and FM Nirmala Sitharaman in the parliament in November – that the government has no plans to recognize Bitcoin as a ‘currency’ – in line with industry demands.
“Crypto must be classified as an asset class.
It is also regulated in many other countries, and most of which use Crypto cases are investment and not payments,” said Ashish Singhal, Co-Cure of the BACC industry.
CEO Crypto Exchange Buyucoin Shivam Thakral also said that “the industry has advocated for crypto recognition as a legal tender”.
The government and RBI have problems receiving the currency issued personally because it is not supported by guarantees or commodities.
The bill will be closely monitored because the government’s definition of ‘personal’ is unclear.
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