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A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The sector of crypto continues to grow in India at a very rapid speed. India is ranked first on the cryptocurrency adoption index.

Journey of Cryptocurrency in India

A circular was issued by the government mentioning the risk involved in using virtual currency. A close eye was kept by the central government on the development of the virtual currency. Even after a certain warning the transaction continued related to virtual currency. At the end of 2017 government mentioned that virtual currency is not legal tender. Two public interest litigation were filed about virtual currency.

The reserve bank of India issued a circular which stopped the financial institution to regulate the services related to virtual currency. In 2018 a circular was issued by Reserve Bank of India banks for dealing with crypto exchanges. When another circular was passed to regulate cryptocurrency but in that bill, there was no recommendation for the ban on cryptocurrency.

A committee was set up for the analysis of issues which was related to cryptocurrency. Finance Minister Sitharaman in Rajya Sabha mentioned that the virtual currency which the state will issue will only be legal rest will be prohibited in India.

Anurag Thakur the minister of State for Finance mentioned in Parliament that there has been a plan to bring a bill that will solve the issues related to cryptocurrency.

In November 2021, a meeting was held between Jayant Sinha and the crypto-asset council on the regulation of cryptocurrency and shouldn't ban it.

A meeting was held with the Prime Minister of India which indicated regulatory steps for cryptocurrency and discussed the issues related to cryptocurrency. Parallelly the reserve bank of India has a strong view which was against cryptocurrency which would be a threat to the financial stability of the country.

The founder of WazirX said the last year was a big year for the industry of crypto. For adapting crypto India is considered the second-highest nation. It is expected that India will witness a large market of cryptocurrency across all demographics. After the regulation, there would be more attraction of investors who will be ready to invest

Fact check:
  1. In India, since 2021 the number of crypto owners are increasing rapidly by 14.7%
  2. In the year 2022, the crypto owners' figures increased a lot. In January it was 23.4% whereas in April it was 29.9%

Adoption of cryptocurrency

  1. Bitcoin

    Bitcoin ownership has declined from 35.2 per cent in January to 29.3 per cent currently.
  2. Dogecoin

    Dogecoin's ownership rate was reported to be 23 per cent
  3. Ethereum
    One of the most popular woned cryptos is used by 18.7% of the Indians. But the Ethereum owners have declined from 22% in January
  4. Solana

    The only crypto ownership in India has increased from 20.6 % in January to 22% in April 2022
  5. Ripple

    The owners of ripple in India are 18.9% whereas it has decreased from 23% in January 2022

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