Finally, it looks like the government and regulatory authorities appear to be getting together with stakeholders to consider a legislative and regulatory framework for cryptocurrencies. These virtual assets have been around for over a decade — the pioneer bitcoin started trading in 2010. There are literally thousands of cryptos. Some have given truly extraordinary returns. Investors see these instruments as potential hedges against currency volatility and inflation.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes and Indians actually invest a great deal more in forex-denominated trades. There’s a substantial, active Indian crypto-investment community which multiple sources estimate holds over $15 billion worth of crypto assets. Moreover, the related non-fungible token, or NFT, market is booming and there’s been an advertising blitz tempting Indians to invest in cryptos.
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