India Plans To Make Bitcoin Legal – Tens of Millions of Indians Will Soon Come To Buy Bitcoin

Demand for Bitcoin from the world's largest democracy will explode, while supply will remain frozen at 21 million units.

It would be an understatement to say that India has always had a more than ambiguous position regarding Bitcoin and cryptocurrencies. India has always alternated between wanting to ban Bitcoin and regulating its use. In the year 2021, there has long been talking of banning Bitcoin and cryptocurrencies. Or rather to try to ban them, because Bitcoin cannot be stopped, as you know.

And then, at the beginning of 2022, we have just witnessed yet another turnaround in India regarding Bitcoin and cryptocurrencies.

The Indian government finally announced on February 1, 2022, new intentions to define a more friendly regulatory framework regarding Bitcoin and cryptocurrencies. There is no more talk of a ban here. Bitcoin and cryptocurrencies will be allowed to be used by Indians, and a 30% tax will be applied on the profits made.

In the wake of this, Finance Minister Nirmala Sitharaman announced that India is also entering the battle of CBDCs (Central Bank Digital Currencies). The objective of India is to launch a digital rupee controlled by the Indian Central Bank before April 2023.

This official announcement from India could well have a major impact on the demand for Bitcoin in the years to come.