Cryptocurrencies are making headlines every second. According to reports, 83% of urban Indians are aware of cryptocurrency. For a product that has gained traction recently, the ownership is at 16%. As the Indian parliament gets ready to introduce the cryptocurrency bill in the upcoming winter session, existing individual holders of cryptocurrencies have begun selling their holdings in panic. The price of Bitcoin has fallen nearly 18 percent in Rupee terms. The price of USD Tether (USTD), too, is down 17 percent.
If the words are true, Indians will soon be prohibited from doing what investors in China, as well as those in fellow democracies like the US and UK, are safely doing: investing in crypto assets or building and backing businesses that are using blockchain technology to innovate.
Indian investors would be missing out on some best opportunities. Like the assets themselves. Bitcoin launched decentralized, triple-entry analysis and a value transfer network that lessens rent-seeking battles corruption, and resists inflation. Ethereum is a global, decentralized growth platform for applications that enhance supply chains, energy management, insurance, healthcare, and caters to quality living.
A ban on cryptocurrencies can also ban investing in Indian blockchain startups. VCs like Draper, Ayon, and Sequoia, known for backing such billion-dollar unicorns, are now investing in Indian blockchain startups. A ban would force them to shut down or move overseas.
Most experts are advising against buying any cryptocurrencies at present. That is because the draft Bill on cryptocurrencies is barely a week or two from being taken up by Parliament.
Hence, there are high chances that you will lose everything while investing in crypto. All you can do is keep calm and wait till the draft bill on cryptocurrencies gets presented in the Indian Parliament.
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