Is Bitcoin legal in India? This question became a popular question in India. Many Indians who wanted to explore this popular digital currency for trading seem doubtful whether it will get a warm welcome in India or not. Initially, the concept of cryptocurrency was not regarded as a much safer medium for trading.
There was a misconception among many law bodies that such type of trading would lead to cases of illegal trafficking of goods and activities, which are unlawful in India as well as other countries. But as it says, time changes everything. The lifting of the ban on cryptocurrency by the Supreme Court of India came as much good for traders who now can lead to trading volumes going much higher.
The sudden emergence of coronavirus has no doubt caused much havoc in the economy of the countries. Stock markets and cryptocurrencies faced a bad impact because of this dreadful virus that originated in China. However, Bitcoin showing improvement amid corona fear is worth to notice
It came as a surprise for many punters when they observed cryptocurrencies performing better than commodities, stocks, and bonds amid the existing impact of coronavirus on economies. It came as the best answer for those who questioned about is Bitcoin allowed in India? According to financial experts, Bitcoin is untouched by economic and pandemic situations like coronavirus.
It is all because the cryptocurrency is a decentralized technology and has no impact on persisting lockdown. Even though there has been a sharp fall of Bitcoin price but surprisingly it has recovered around 27%. This indicates Bitcoin showing improvement amid the corona pandemic.
Investors were expecting the assets that could stand against the slowdown caused due to the lockdown imposed by the government amid corona fear. Some hoped for government bonds, others put their trust upon gold. But Indian investors came out to be smart by having their faith in Bitcoin. Now there is no risk of regulations as the apex court of India has denied the central bank for doing any intervention. This becomes an advantage for cryptocurrencies.
According to the latest financial analysis, Bitcoin is expected to make a remarkable price reach in 2020. By the year-end, it might hit another big target. This proves how Bitcoin shows improvement in such a critical financial phase.
Due to the long impact of coronavirus in the country, Prime Minister Narendra Modi enhanced the nationwide lockdown to May 3, 2020. Many businesses including hotels, banking, aviation, and even tourism are going through a bad phase because of it. But it is not only about India but the whole world. However, cryptocurrencies which got a green flag from the Supreme Court of India have shown improvement in the increase in the volume.
The acceptance of cryptocurrencies is the main reason to see Bitcoin showing improvement in such a tragic phase. It was indeed expected that the way coronavirus is dampening the economic system of every country, it might also take down cryptocurrencies into its clutches.
Though it did get some success, surprisingly amid corona fear it has proved its worth among the crypto enthusiasts and traders. Bitcoin has really given a tough fight to coronavirus and has not let any sort of negative impact on it
Conclusion
Bitcoin showing improvement amid corona fear has proved that it is a worthy cryptocurrency for traders and crypto businesses. The recent lifting off ban from cryptocurrencies has paved a clear path for Bitcoin to show signs of improvement and to reach the desired price level. Although it did get affected by the corona pandemic initially, now with the signs of improvement which can be seen in cryptocurrencies, especially, Bitcoin is worth watching. Many financial experts are even expecting that in the year 2020, this leading digital currency might cross a much higher target and can sustain to go beyond also. So let us see whether this estimation comes true or not. Till then wait and watch and stay abreast of the crypto latest news.