The Apex Court of India is going to decide the fate of Bitcoin and Cryptocurrencies by 11th September .
Why this matters?
India is world fastest growing economy with booming tech sector and digitalization where if bitcoin & cryptocurrencies is given the chance to flourish it will take no time reach it ATH $20000 as per the analysts.
The Central Bank of the country RBI to curb cryptocurrencies has obligated all the financial institutions not to support the crypto relates business or entity with immediate effect this hampered the crypto community of India .
It is reported that total number of crypto users has surged to 10 million and still growing .
Almost 20+ exchanges has been established within the country in a year.
India is a multi million dollar market space of cryptocurrencies.
#Decision in favor will lead to
- Rapid surge in bitcoin prices as seen after demonetization.
- New investors will dive in crypto space.
- Regulations will boost the crypto payments which in turn will increase demand.
#Negative decision will lead to
- Panic selling will lead to heavy crash in crypto market
- Migration of Exchanges to crypto friendly nations like "Malta".
- Drainage of National wealth into international market place.
- OTC Trades .
- Rapid Decline in tax collection.
India has been always a late adopter in terms of new technology, it has a chance to prove this stance wrong by making a wise decision of regulating cryptocurrencies by giving it a legitimate status.
Jus a Day's wait, 11th September is going to the final decision over the stance , keep your fingers crossed!