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ARTICLE · 30 MARCH 2021

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Cryptocurrency In India – To Ban Or Not To Ban?

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In the era where technological advancements are happening at an exponential rate, the Fintech sector has found itself at the forefront of this boom.

IndiaTechnology
Devika Gadgil
Devika Gadgil
Himanshi Tailor
Himanshi Tailor

INTRODUCTION & BACKGROUND

In the era where technological advancements are happening at an exponential rate, the Fintech sector has found itself at the forefront of this boom. From mobile banking and online stock trading platforms to unequivocally the most coveted one – cryptocurrency. The popularity of Virtual Currencies ("VCs") such as Bitcoin, Ethereum, etc. has considerably increased in the recent past – globally and in India. As per some media reports, the three largest crypto-exchanges in India - WazirX, Unocoin and CoinDCX - claim that there are anywhere between 60 lakhs to one crore cryptocurrency holders in the country with holdings of over Rs 10,000 crore.1 Further, the growth potential of this sector was highlighted in a Nasscom and KPMG Report2 which estimated that transactions in the Indian fintech sector (FinTech) grew 121% from 2018 to 2020 and India's GDP will increase from FinTech by an additional $730 million by 2025.3

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