The future of cryptocurrency in India is a complex issue. Although the government of India has not officially banned cryptocurrencies, the Reserve Bank of India (RBI) initially prohibited banks and other regulated companies from supporting cryptocurrency transactions in 2018. This was later overruled by the Supreme Court in 2020, resulting in a meteoric rise in crypto use in India.
While the Indian government has indicated that a comprehensive ban on cryptocurrencies would not be implemented, several speculators believe that India may soon ban cryptocurrencies by passing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. Whether the bill will support cryptocurrency through effective regulations or whether there would be an outright ban remains to be known. Until then, the future of cryptocurrency in India is certain.
This came out after many prominent banks in the country were cautioning people against dealing with cryptocurrency, even suggesting that their accounts will be blocked if they did the same.
Although Bitcoin has consistently dominated the crypto market for over a decade now, several other cryptocurrencies, such as Ethereum, Litecoin, etc., have seen immense growth. Even joke coins like Dogecoin have become wildly prominent. Here are the top 5 cryptocurrencies which will see maximum growth in 2021.
- Shiba Inu – Market capitalisation: US$3,649,389,694
- Litecoin – Market capitalisation: US$12,410,135,324
- Ethereum – Market capitalisation: US$309,432,651,165
- Polkadot – Market capitalisation: US$21,294,339,566
- Matic (Polygon) – Market capitalisation: US$11,987,763,132