Bitcoin may be banned in India, slap in the face to investors.
There are many types of cryptocurrencies available on Indian exchanges. In addition to Bitcoin, it includes currencies such as Ripple, Ethereum, Lightcoin, Bitcoin Cash and Monero.
Tesla's investment in Bitcoin has crossed 44 44,000 in the international market. But investors in cryptocurrencies in India are reluctant to join the rally. These investors fear that the government may decide to ban cryptocurrencies such as Bitcoin. Investors in India who have invested in Bitcoin or a similar cryptocurrency have now started seeking legal help.
On Tuesday, Finance Minister Nirmala Sitharaman said a high-level committee had recommended a ban on all but cryptocurrencies issued by the government. An estimated 1.5 to 20 million dollars worth of cryptocurrencies have been purchased in the country.
The Supreme Court has approved investments in cryptocurrencies
The RBI had earlier refused to allow bitcoin trading in India, but a Supreme Court decision last year overturned the RBI's decision barring banks and financial institutions from providing banking facilities for cryptocurrencies. Now that Alan Musk's company has announced a major investment in Bitcoin, people's attention is once again on this cryptocurrency and buying in it has increased.
There are many types of cryptocurrencies available in the country
There are many types of cryptocurrencies available on Indian exchanges. In addition to Bitcoin, it includes currencies such as Ripple, Ethereum, Lightcoin, Bitcoin Cash and Monero. There are three types of bitcoin available on Indian exchanges. These include biocoin, local bitcoin and unocoin. Biocoin is trading above Rs 36,07,500. Many other companies have also invested in Bitcoin. Microstrategy Inc. has spent 1.1 billion on it.
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