In the past few years, cryptocurrency and blockchain technology have gained immense popularity among the masses. The popularity has helped crypto to gain a lot of momentum. The speedy growth of the crypto market has given this digital currency global recognition. In experts’ opinion, the value of cryptocurrency would grow leaps and bounds with the number of people worldwide seeking to buy the various crypto coins present in the digital space.
Currently, superpowers like the USA have recognized these digital currencies, cryptos are becoming a hot topic in every country. It has already been recognized as a legal tender in El Salvador. This decision has influenced the outlook of the world toward cryptocurrency. The influence was so intense that it made India take a keen interest in crypto.
If you want to know about crypto’s future in the Indian market, keep reading this blog post. Below we have talked about the present situation of crypto in India. Also talked about the future of cryptocurrency in the Indian market.
The present status of cryptocurrency and its future prediction in India
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With the rising popularity of crypto coins, people started investing and trading in crypto coins across the globe. This same wave is also seen in India, especially after the Covid 19 pandemic. There have been many regulations passed by the Reserve Bank of India to restrict this crypto investment. Even there was a time when cryptocurrency was banned in India. But with the rise in the global economy, crypto has made its place in India as well.
The present status of cryptocurrency in India is not clear. The government does not recognize crypto as legal tender, nor are they regulated by RBI. Also, there are no laws and regulations that prohibit trading in crypto. But with the introduction of the Financial budget 2022, we can see that India is heading toward accepting cryptos.
If we talk about the future prediction, India may not accept crypto as a legal tender, but they will recognize it and make the trading and investment legal in upcoming years. From a survey, it has been observed that 95.20% of the total respondents believed that cryptocurrencies in India would exist even after a decade.
While the rest, 4.80% of the respondents think that cryptocurrencies will not exist in the future. The sole reason behind this disappearance could be the forthcoming rules and regulations of the Indian government. But after watching the rise in crypto investors, there are chances that the government could regulate and recognize crypto.
Even during the 2022 budget announcement, the Finance Minister said that India is planning to launch its own cryptocurrency in the market. They have even put a 30% tax on every digital asset, including cryptocurrency. These are some signs that are telling India is heading towards accepting crypto.
From the above analysis, we can conclude that, although the future is uncertain, there are still hopes that India will acknowledge the importance of crypto. Especially after the present hold on the global economy, crypto has a pretty good chance of becoming legal in India in the coming years.