Narova Kunjarova of the Center on Cryptocurrency

- About 20 startups are building blockchain and cryptocurrency monetization applications ...

- One and a half crore people in India have invested in cryptocurrency to reach ૬ 3.5 billion, but the government has given up.

- Despite the ID raids on Wazir X a fortnight ago and yesterday on Binans Holdings, the government is surprised when it says that we have no information about crypto ...

The government is drafting laws for cryptocurrency on a war footing and will try to keep up with the digital world.

When Finance Minister Nirmala Sitaram, in reply to a question in the Rajya Sabha, said that the government does not know how many cryptocurrency investors there are and how many private exchanges it has, every investor, even those connected to the world economy, was surprised.

On the one hand, India is ready to lay the red carpet for Alan Musk, the so-called Crypto King, to manufacture electric car Tesla in India, and on the other hand, it is preventing online innovation systems from entering India by banning cryptocurrencies. Alan Musk has his own crypto coin doggie queen.

The government knows everything but does not accept it instinctively. When the Finance Minister says in Parliament that we have no information about cryptocurrency, the answer given by Yudhisthira in the battle of Mahabharata can be compared to that of Narova Kunjarova.

An estimated 1.5 crore people in India invest in cryptocurrencies. That's fine, but about 30 startups are building apps to make money from blackchain and cryptocurrency. According to a report, the investment in cryptocurrency from India, which was 3 million, has risen sharply to ૬ 4.5 billion today.

On the one hand, India is witnessing a cascade of foreign direct investment and the use of the Internet is skyrocketing.

Gujaratis have also been involved in cryptocurrency since its inception. As the currency was banned, there were cases against its holders and dealers. Indian investors are now investing in the US stock market. Indian companies can buy companies worth Rs 5-20 crore in a pinch. Even small investors in India are showing courage in daily trading.

The number of unicorn companies in India (with an investment of ૧ 1 billion) is growing. At a time when Indian companies are making a name for themselves on global business platforms, India seems to be reluctant to keep pace with the world by banning cryptocurrencies.

The Indian government believes that the cryptocurrency market will increase the manipulation of black money. If the Finance Minister says in Parliament that we do not have any information about the cryptocurrency exchange, then how can the country's first cryptocurrency exchange be recognized and the details of the raid on it by the Enforcement Directorate cannot be considered. When Wazir X was raided, it became frontpage news because it was the largest cryptocurrency exchange in India.

Informed government sources say the government is considering cryptocurrency bills. Meanwhile, the Reserve Bank of India also wants the central bank to introduce digital currency in phases.

The ED has also targeted its parent company Binance Holdinghug after raiding the country's first crypto agency, Wazir X. The government is running away from the discussion of cryptocurrency as the whole game is a multi-billion rupee scam and the government does not have any law on crypto. By the time the government tries to bring in legislation, the unaccounted for money must have been earned.

What will the government do if the payment for Tesla car is taken through crypto?

Alan Musk is laying the red carpet for his electric car maker Tesla to manufacture in India. A place for it has also been decided at Bangalore. What will the people of India do if Tesla says that the payment for our car is made only through cryptocurrency? The government will have to recognize crypto sooner or later. The government has very few options left to keep crypto away. If we want to keep pace with the digital world, we need to make laws for cryptocurrency as soon as possible.