What will happen to crypto in circulation if government bans it, asks Zerodha’s Nikhil Kamath
moneycontrol.comA day after the central government listed the cryptocurrency bill for introduction in the Lok Sabha’s winter session, cryptocurrency prices crashed and investors feared what would happen if the bill is passed in the current form.
Is the Indian govt banning cryptos?
What happens to everything in circulation already?
His concerns are not misplaced. Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around Rs 40,000 crore or $5.39 billion.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.
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