crypto prices falling

Cryptocurrency legal in India and Its Impact on the Prices

This is how History is written. The crypto trading in India becomes true on 4th March 2020. The day when SC (Supreme Court) overturned a ban on India’s Crypto Trading. But this not what crypto lovers actually expected. Suddenly, Crypto Prices Falling, after crypto trading became legal in India. 

The verdict on April 2018 ordered by the country’s central bank that prohibited banks and financial institutions from providing “any service in relation to virtual currencies”. Almost after two years battel, India Crypto Community conquered against the Reserve Bank of India (RBI). 

The National Association of Software and Service Companies (Nasscom), a major trade association of Indian Information Technology and Business Process Outsourcing industry, tweeted on the following judgment-

“We welcome the supreme court’s decision to lift RBI’s ban on trading in cryptocurrency. We believe that banning tech is not the solution, a risk-based framework must be developed to regulate and monitor cryptocurrencies and tokens.”

Dr. Subramanian Swamy’s thought

Maybe all you read one news  in our Desi Airdrops Blog Site- Dr. Swamy said that “Cryptocurrency is inevitable.” And the news was released in December 2019. The lawmaker chaired a conference at the UN India’s headquarters. And that is the same month, discussed issues surrounding cryptocurrency in the country. Both the government and the RBI have confirmed that cryptocurrencies. Including bitcoin, is legal in India. 

crypto prices falling

Indian Parliament Member Dr. Subramanian Swamy has been keeping up with the crypto vs. RBI case. He tweeted on March 4, to the supreme court (SC) verdict on cryptocurrency- 

“SC allows cryptocurrency trading, cancels RBI’s 2018 circular.” 

Responding to a question of whether cryptocurrency could lead to “any black money or corruption where babus and netas start using crypto instead of currency notes.” He replied, “If it is unstoppable then develop software to regulate it. A blanket ban is useless.”

Crypto Prices Falling

The 4th March 2020 is really a happy day for all crypto lovers. Cryptocurrency businesses and exchanges in the country welcomed the decision. After SC’s verdict, it just like someone open flood gates to crypto trading. Hence, people have started buying crypto with Indian rupees. Lots of interest shown by the Indian community to buy crypto. Particularly Wazirx, which its price zooms up to 60% rise in a single day. It has touched its highest value 0.24 during this period.

But, besides all, suddenly crypto prices falling. Especially Bitcoin price has dropped from $10,500 to $7,700. The intense downtrend that Bitcoin has been caught within the past several days and weeks. It has led the aggregated crypto market to similarly see some intense losses, with Ethereum, XRP, and most other major altcoins erasing the bulk of their 2020 gains.