Recently, the owner of Tesla company, Elon Musk, has invested 1.5 billion dollars in bitcoin. And because of this, the price of bitcoin has skyrocketed. At the moment, the price of bitcoin is USD 58000. But in the meantime, the Indian government is thinking of banning bitcoin and other cryptocurrencies completely. And that is why 1 crore Indians are facing a dark sign of their investment of around Rs 10,000 crore. This decision of the government will make it difficult for the spread of blockchain technology in India. This decision of the government is a lot like banning the internet.
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Due to Covid-19, economic contraction is going on all over the world. India has not been spared from its effects. The unemployment rate has increased in the country due to Covid-19. Many people have lost their jobs. Many big business organizations have lost a lot. India's GDP has fallen a lot. In that case, the crypto-related system has increased many times. Small to large investors have made huge profits. But the idea of the Indian government's crypto ban in this situation is disappointing. This decision will push the country back many years in terms of technology.
Wazir X's CEO Nichal Shetty said the government's decision would pose a major problem for Indian investors. So the government should give Indian investors some time so that they can pick up their investments safely. The cryptocurrency and regulations of official digital currency 2021 are expected to be tabled in this session of Parliament. Now it remains to be seen what decision the government will take.