Posted 1/11/2024, 7:31:00 AM
Indian Crypto Euphoria Cools Off as Prices Crash, Regulations Tighten, and Future Looks Uncertain
- Indian VCs and startups were very bullish on crypto in 2021, investing heavily despite regulatory uncertainty
- Crypto trading volumes and prices collapsed in 2022 along with global crypto downturn
- The Reserve Bank of India remains opposed to crypto and has restricted banking access for crypto firms
- New 30% crypto transaction tax and other rules have further dampened Indian crypto trading volumes
- Recent Apple App Store crypto app ban and policymaker comments signal India's dim view of crypto's future