- About 2.75 million people in the US invest in cryptocurrencies
- China has officially banned cryptocurrency trading since 2019 but operates online.
The Central Government has successfully awakened against the growing cryptocurrency empire in India and is going to take appropriate action in a timely manner. Given the rapid rise in investment in cryptocurrencies in the country, alarm bells are ringing on many fronts besides the economy. One of the secrets behind cryptocurrency is that it does not currently fall into any currency, investment medium or asset category. This means that those who are investing money in cryptocurrency cannot be called investors.
Surprisingly, the number of people investing in cryptocurrencies in India has crossed 100 million in a very short period of time and this figure is much higher than the number of investors connected to the Indian stock market. This means that in the last 100-125 years, the number of investors in the country’s stock markets has reached close to 80 million, while cryptocurrency has managed to attract 10.07 million investors in just a few years. About 2.75 million people in the US invest in cryptocurrencies. India and the United States, which are number one and number two, have a huge gap between these figures.
Amid the temptation to invest in cryptocurrencies to make more money in less time, they are completely unaware of the basics of what they are buying and why. The motto behind their investment is the same that investors should make a lot of money by selling at very high prices in the coming days, months or even years. Cryptocurrency is being invested without any kind of understanding, sale or analysis of the situation.
Cryptocurrency does not have any kind of control i.e. is unregulated, it is quite possible to be used in improper activities. Neither the government nor the central bank has any control over it. In these circumstances, the government of India needs to get out of the cryptocurrency before it can introduce a bill on cryptocurrency in Parliament and enact it into law, otherwise the price hike could erode at any moment and the boom bubble could burst at any moment.
There are many countries around the world that have banned cryptocurrency, some of which have recognized it. As far as banning or controlling cryptocurrencies in India is concerned, India has the highest number of people investing in cryptocurrencies.
In India, 10.07 crore people invest in cryptocurrencies
India has the highest number of 10.07 crore people investing in cryptocurrencies. The US ranks second with 2.74 crore, followed by Russia with 1.74 crore and Nigeria with 1.30 crore.
In terms of percentage of population, 7.30 per cent of the total population in India is involved in cryptocurrency and ranks fifth. Ukraine ranks first among cryptocurrencies with 12.73 percent of the total population. It is followed by Russia at 11.91 per cent, Kenya at 8.52 per cent and the US at 8.31 per cent.
What other countries in the world have done about cryptocurrency?
China
initially welcomed cryptocurrency-related activities, but later became one of the most regulated crypto-markets in the world. China has officially banned cryptocurrency trading since 2019. Of course it has maintained online operations through foreign exchanges.European
Union Each country in the European Union has its own regulation for cryptocurrency. Most have a soft-touch regulatory framework. “A bill on crypto-assets regulation was introduced in September last year. The regulation will deal with cryptocurrencies as regulated financial instruments. Any brokerage services company providing brokerage services, or investment related services, must obtain prior approval from regulatory bodies.” .Cryptocurrency trading in the UK is not regulated in any way. The Financial Conduct Authority (FCA) is the body that licenses authorized cryptocurrency related businesses. The FCA periodically issues warnings to investors regarding their investments.
America
has a different regulatory system in various states in the United States. The United States as a whole favors all activities related to cryptocurrency.Canada There
is no cryptocurrency legal tender in Canada . However cryptocurrency is legal in the country. In addition, there is a tax provision on transactions involving digital currency. Consumers are not exempted from tax liability when using digital currency in the country.El Salvador
El Salvador is the only country in the world that has recognized Bitcoin as a legal tender. Under El Salvador law, any goods or services that are payable in dollars can be paid in Bitcoin.