China’s Cryptocurrency ban

Subject – Science and Tech

Context – China’s blanket crypto ban sends most digital units tumbling

Concept –

Cryptocurrency investors and exchanges went into a tizzy after China’s central bank announced a blanket ban on all cryptocurrency transactions and mining activity in that country.
China is not only one of the world’s largest cryptocurrency markets but also a country where crypto mining happens on a big scale.

India’s perspective regarding cryptocurrency –

While the Reserve Bank of India has already expressed its reservation in allowing cryptocurrency, the government is yet to announce its stance on the issue.

To know about cryptocurrency, please click here.

To know more about Bitcoin and India’s stand, please click here.

To know about Bitcoin mining, please click here.

Cryptotech industry in India

The cryptocurrency market in India is set to witness two-fold growth and is likely to create 800,000 jobs by 2030.
More than 60 per cent of the States have emerged as cryptotech adopters with over 15 million retail investors and the industry is increasingly attracting new start-ups.
The cryptotech industry includes crypto applications in trading, P2P payments, remittances and retail, and has grown by 39 per cent in the last five years in India.
The report highlights that Bitcoin, smart contracts, decentralised finance, the wave of tokenisation, non-fungible tokens, rise of cryptotech capital and central bank digital currencies, will be seen as the seven key trends driving the growth and adoption of cryptotech in the country.
Several banks have started buying cryptos, and a few across the US, Europe and Asia are creating blockchain-based systems to enable B2B cryptocurrency payments between customers.