India is also witnessing a considerable rise in digital assets. “The crypto community consists of over 10 million crypto holders holding over $1 billion worth crypto assets, 300+ startups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. There’s a daily trading volume of $350 million-$500 million,” IAMAI said. 

“The proposed move to ban will have an adverse impact and will lead to loss in investments and hit 10 million Indian crypto customers. Hence, we are urging the Centre to define the cryptocurrency regulation framework after due consultation with IAMAI and stakeholders such as India crypto-asset user groups and the exchanges that facilitate buying and selling,” it said. 

Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC).

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