According to the Economic Times of India, the Ministry of Finance of this country has plans to propose a bitcoin press order.
The news comes months after the Supreme Court of India rejected the ban on cryptocurrency trading imposed by the Central Bank of India (RBI).
It seems that the Indian cryptocurrency market has found the light at the end of the tunnel. However, recently a draft law has been proposed to the Government that states that Bitcoin’s role in money laundering and terrorism financing.
A senior government official revealed that the Ministry of Finance is currently wishing for a more effective cryptocurrency policy and that it is necessary to stop illegal bitcoin activities quickly.
The Indian Finance Ministry’s proposal to ban bitcoin emerged at a time when the country was facing one of the biggest economic crises.
In India, betting is an activity that is considered to be very prominent and contributes a large part to the Indian economy. This is why bookmakers can find a wealth of information related to sports betting and casino games in India through sports betting podcasts and casino forums. Besides, however, venture capitalists have started to consider other investment alternatives to reduce their exposure from the Indian market in this country. As such, many people have turned to bitcoin investments instead of bonds and equity. Some investors see Bitcoin as a hedge against abuse, a safe haven. On the p2p bitcoin exchange market like Localbitcoin and Paxful, India is one of the top bitcoin exchange volume markets.
On Localbitcoin recorded a volume of $14.5 million BTC since March, while on Paxful, it was $15.36 million BTC. Nischal Shetty – a professional crypto trader, has called the Indian crypto market a sleeping giant, arguing that the Supreme Court of India’s breaking the bitcoin ban will help create hundreds of crypto startups in this country.