In March 2020, India’s Supreme Court overrode a two-year-old ban on dealing in cryptocurrency announced by the Reserve Bank of India. Even as cryptocurrencies are still in a grey area in terms of legality, its popularity in India has been growing. Let’s look at some interesting numbers around cryptocurrency from India and world.
Crux of the Matter
Global cryptocurrency market is on a rise, and India’s trade volumes have gone up multifold. The following infographics will give show interesting facts and numbers of the cryptocurrency market size in India and the world.
Cryptocurrency is gradually entering into the financial sector, with many getting high returns on lending cryptocurrencies like Bitcoin. Many financial services firms are using them as a hedging tool as well.
After taking a look at numbers around cryptocurrency, let’s take a look at the market share of different cryptocurrencies in the virtual market. Moreover, take a glimpse of the prices (in $) at which they were trading on 1st October, 2020.
Recent News In India
The Indian government is sitting on the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. Former Finance Secretary Subhash Chandra Garg is heading the draft. The bill proposes a complete ban on cryptocurrencies issued by private parties. It also proposes criminalizing dealing in cryptos with 10-years of imprisonment and a fine up to ₹25 crores.
Stay tuned to our channel to know more about the legal, economic, financial, social, and technical aspects of cryptocurrencies.
- ‘Pi’ is the first digital currency that can be mined on our phones. The digital currency is developed by 2 Stanford PhDs and an MBA; and has gained over 8 million users in less than 2 years.
- In 1996, the National Security Agency published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash, describing a Cryptocurrency system, first publishing it in an MIT mailing list and later in 1997, in The American Law Review.
- David Lee Chaum is a computer scientist and cryptographer. He is known as a pioneer in cryptography and privacy-preserving technologies and widely recognized as the inventor of digital cash. His 1982 dissertation “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups” is the first known proposal for a blockchain protocol.