India’s gamblers face trouble with crypto ban

The Reserve Bank of India (RBI) has already decided to announce that they were considering banning the use of cryptocurrency outright, which has already seen a dip in the price in Bitcoin and Ethereum, as well as many others, start to dip within local markets.

2019 recommendation saw Bitcoin soar

It has been a couple of years coming, however a ban on cryptocurrency in India is something that has been a possibility that will not have come as a surprise to many. Back in 2019, the SC Garg Committee had recommended that the Government should not allow private virtual currencies in the country. The committee had recommended that a blanket ban be placed on all cryptocurrencies, but they even advised that the Government criminalise all activity that is connected.

However, whilst the latest news will probably have some concerns about what the future may hold for them and their assets, there is history to suggest that the price will not be impacted too much and could actually continue to thrive. Since the 2019 recommendation, it has been claimed by various estimates that around 15 million Indians are thought to have invested in private crypto assets. Over the last year from April 2020 to May 2021, it is understood that the value of crypto investments within India grew from $923 million to a figure of almost $6.6 billion.

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