The CBDC report published by India’s central bank may not be good news for the Indian cryptocurrency market.
Crypto was such a hit in India in 2021 that it made the country the fastest growing market for the asset class, surpassing the MENA region and even Europe.
At one point, the country’s market jumped by 641% in just 12 months and was projected to surge even more.
But everything changed in April this year as the government of India started to tighten its grip on crypto, imposing tax on transactions involving the asset which led to the collapse of local exchanges.
Some thought this might have something to do with the nation’s plan to eventually have its own CBDC.
Country officials said the move was made to provide a window for the formalization of cryptocurrencies but what it accomplished so far is to make crypto trading in India insanely expensive.
But it turns out, the country is just starting to pound on digital assets and the Reserve Bank of India might just deliver the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...