Another dash to $50000 for Bitcoin

The cryptocurrency momentum first revived earlier this month with the "Elon effect". But subsequently, more corporates adopted Bitcoin, the momentum continued. Morgan Stanley's $150 billion investment arm is said to bet on Bitcoin, Canada gave the nod to the first Bitcoin ETF in North America. Reportedly, Apple Pay users can also spend their Bitcoin through the app.

In India though the scenario seems to be entirely different. The draft law banning private crypto was listed on the agenda in the Parliament. The bill aims to “prohibit all private cryptocurrencies in India" and lay the framework for a digital rupee issued and controlled by the Reserve Bank of India.

Nischal Shetty, Founder & CEO, WazirX says he expects the bill to introduce regulation, rather than banning cryptocurrencies. That, according to him, will lift a big overhang on cryptocurrency in India.