India On the Verge of Becoming Bitcoin Hotspot Amid the Reports of Ban

India On the Verge of Becoming Bitcoin Hotspot Amid the Reports of Ban

September 17, 2020

The reports of ‘Ban’ Squashed 

Recently, a report was circulated which mentioned that the Indian government was planning to ban the cryptocurrencies. In fact, the absence of ‘Crypto Bill’ had surfaced before but later a report mentioned that the bill would be introduced.

The move was heavily criticized by the whole crypto world by condemning the move. Ripple CEO, Brad Garlinghouse tweeted expressing his disappointment. Whereas a Bitcoin Analyst, Lark Davis also showcased his anger through his tweet.

However, the rumour was short-lived as one of the members of Rajya Sabha, the upper house of the Indian Parliament dismissed the claim. When questioned about the bill, he responded that he has not heard of the bill.

“It will be a madness if they do,” said Subramanian Swamy.

Surge in Trading Volume by more than 50 percent

In a recent blog published by a popular crypto exchange LocalBitcoins, it mentioned the jump in the trading volume by 53 percent. The report mentioned various ways the Indian crypto space is utilizing bitcoins.

Is India Becoming a Bitcoin Hotspot? 🇮🇳 #BTC

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The report also mentioned that the number of active addresses on the exchange has crossed one lakh over time which is close to the all-time high of December 2017. The report also mentioned that the adoption rate has also increased during the pandemic period due to the uncertainty surrounding the lockdown.

Also Read : Cryptocurrency Regulations in India

The exchanged has also claimed that India could become the hotspot of bitcoin adoption in coming days. However, the people still await for legal clarity. In such times when the crypto is gaining momentum in the country, the constant attempt to create FUD has sparkled. 

The Crypto Bill which states the Ban has been used consecutively to create a panic situation among the crypto space in India. With the news circulating that the bill might get introduced, a lot of speculations showered on the Indian crypto followers that led to situations that get more complex.

Finally, we hope that no speculation that creates anxiety is yet again fueled among the crypto space, and patiently wait for the further announcement.

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