Cryptocurrency gains momentum, too large to ignore now

The cryptocurrency debate rages on. Even as Bitcoin prices recovered after a months-long dip, Finance Minister Nirmala Sitharaman said on August 17 that the cryptocurrency bill is ready and waiting for the Union Cabinet's clearance. The bill was supposed to be discussed during the Monsoon Session in the Parliament but was missed.

The crypto craze in India is also huge, with Indians having invested close to $6.6 billion in cryptocurrencies till May 2021. Around 1.5 crore Indians have said they have invested in the virtual currency. Currently, about 350 startups are working in the blockchain and cryptocurrency space.