India

The cryptocurrency industry is attracting more and more attention as the global population becomes more sophisticated. Different countries have different attitudes towards this emerging technology. While some of them are friendly, others remain reluctant. However, this does not stop people from taking an interest in digital assets.

India is leading the way in cryptocurrency investment over the past 12 months, despite tough regulatory threats in the country. Investment in digital currencies began to rise in the middle of last year (2020) as the Kovid 19 pandemic spread at a rapid pace.

Ever since the first cryptocurrency, Bitcoin, was invented, cases of money laundering have been on a high rise almost every year. Now, China and India are battling with money laundering cases that are a threat to their economy and the finance industry at large.

The story of banning Bitcoin in India seems not to be any near to the end. At first, it was the country's Reserve Bank (RBI) calling for the immediate ban of cryptocurrencies. Now, it's the people and businessmen themselves that are calling for the government to put a total ban on Bitcoin.

Traders and investors dealing in digital currency businesses are facing serious harassment from banks.

As many Asian tigers are embracing and regulating the use of blockchain technology and Bitcoin, India is planning to create a new law prohibiting cryptocurrency trading.

Law enforcement agencies make their best efforts to combat criminals performing drug transactions via the darknet. On August 24, the Indian Narcotics Control Bureau arrested a young man for buying ecstasy pills using Bitcoin.

The outbreak of COVID-19 pandemic triggered the growth of various kinds of fraudulent activity, including that involving cryptocurrency. Despite such activity harming people from all over the world, the citizens of developing countries seem to be more vulnerable.

Cryptocurrency transaction volume in India is growing. The country’s digital currency sector has been developing swiftly despite the countrywide lockdown and the Covid-19 plague.