I have been following the emergence of crypto in India, since last two years everything was going good till oct-nov of 2017 than suddenly a crypto boom came in world, everyone across the world media started talking about crypto boom, started showing the profit percentage, growth and how people have become millionaires in span of 2-3 years.
Now here comes the issues as the media started bringing up the growth in crypto number of exchanges and people with FOMO came in the market and these people where average middle class earning section of society, who saw a very lucrative opportunity to make huge profit in short term of period and growth of Indian crypto traders increased exponentially.
During January 2018 there where 9 crypto exchanges and almost 0.60 million active users as per government I-T department, I am sure actual number of active user will be much more these are just government figure.
As the number of Indian average income group section people in crypto trade kept on increasing exponentially government started warning people about the crypto with several warning but government never declared crypto as illegal in India always left the gray area for speculation.
These average earning class in India aged around 25-40 instead of putting their hard-earned money to various banks for a very small almost negligible interest rate of 6-7% pa, started trading in crypto where they can make 10%-20% profit in a day.
What I think banks saw these trends in decreasing in there saving account as people started swiftly moving towards crypto instead of have saving in several banks , and from there these big banks started putting pressure on government to slowly and steadily bring those lost customer back to the banking sector because these banks can not take the risk of losing customer .
What do you guy’s think are banks and government both are responsible for these crypto mess?