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Indian cryptocurrency investors selling coins and switching to Tomato
The investor market has been on the edge in recent weeks with strong signals coming from the government that the future of cryptocurrency is not safe. The RBI had made its stand a long time ago that cryptocurrency is not legal tender in India and cannot be used for any transaction. The latest reports were that steps were being put in place to ensure that cryptocurrencies like Bitcoin, Dogecoin etc will not be an asset class either.
The main argument that the RBI was putting forward is that the deregulated nature of the market makes it difficult to monitor and ensure that the funds were not being used for illegal activities like funding terrorism or the purchase of illegal material. There is also the possibility of using cryptocurrency as a mode of diverting funds from India to abroad or vice versa without going through any of the regulatory procedures.
The advocates of cryptocurrency strongly counter the arguments of the RBI by stating that cryptocurrencies should be treated as stocks or bonds which are legal in India. As any kind of transaction is not allowed anyways, there is no danger of actually using crypto to “purchase” anything directly. The various apps out there that work as crypto exchanges also function only when linked to a bank account so once again, unregulated funds will not enter the market.
Many investors woke up to the news that the proposal to ban crypto will be placed in the parliament during the winter session which is scheduled to begin on Monday, 29th November 2021. The proposed ‘Cryptocurrency & Regulation of Official Digital Currency Bill 2021’ that will be tabled next week will facilitate the launch and functioning of a digital currency that will be regulated by the RBI and will effectively ban all private cryptocurrency in India.
This news has triggered a series of panic selling on the various crypto exchanges with apps like WazirX showing an average fall of 15% in the prices across all cryptos at the time of this article going to press. Netizens have taken to Twitter to rant about both the Indian government, the RBI and also about the WazirX app which is suddenly not a hot platform to sell on. The future of apps like WazirX and crypto unicorns like CoinSwitch Kuber and CoinDCX is unknown.
The smarter or seasoned investors are using this as an opportunity to either “buy the dip” and sell it on the international market with USDT or they are looking at using this uncertainty to boost their overall portfolios or even better still, looking for an arbitrage. The ones that are sure to end up losing money is the naive or beginner investor who was probably just testing out the market or slowly looking at diversifying their portfolios.
The whole “coolness” or the trend of everyone investing in crypto will take a big hit and almost everyone is in a scramble to get out with the least loss possible. International investors are looking at this as an opportunity to get their hands on sought after coins at a much cheaper rate as the market now will be flooded with Indians trying to sell.
One question that had propped up was that of what next? The investors who managed to exit with a decent profit margin are looking at the next big thing to invest in. The stock market is not an attractive option for many people as the amount of research and time that needs to be spent there is massive.
One of our sources who work closely with a lot of such investors told us that he has facilitated the investment requirements of over 35 investors in the past few days. The commodity that they are investing in at the moment is tomatoes.
The price of tomatoes has skyrocketed and have overtaken petrol. This is a seasonal high and many parts of India face the brunt as it is a crucial element in Indian cooking. Tomatoes, along with onions have regularly seen these seasonal price fluctuations for many decades.
“This is just...
The main argument that the RBI was putting forward is that the deregulated nature of the market makes it difficult to monitor and ensure that the funds were not being used for illegal activities like funding terrorism or the purchase of illegal material. There is also the possibility of using cryptocurrency as a mode of diverting funds from India to abroad or vice versa without going through any of the regulatory procedures.
The advocates of cryptocurrency strongly counter the arguments of the RBI by stating that cryptocurrencies should be treated as stocks or bonds which are legal in India. As any kind of transaction is not allowed anyways, there is no danger of actually using crypto to “purchase” anything directly. The various apps out there that work as crypto exchanges also function only when linked to a bank account so once again, unregulated funds will not enter the market.
Many investors woke up to the news that the proposal to ban crypto will be placed in the parliament during the winter session which is scheduled to begin on Monday, 29th November 2021. The proposed ‘Cryptocurrency & Regulation of Official Digital Currency Bill 2021’ that will be tabled next week will facilitate the launch and functioning of a digital currency that will be regulated by the RBI and will effectively ban all private cryptocurrency in India.
This news has triggered a series of panic selling on the various crypto exchanges with apps like WazirX showing an average fall of 15% in the prices across all cryptos at the time of this article going to press. Netizens have taken to Twitter to rant about both the Indian government, the RBI and also about the WazirX app which is suddenly not a hot platform to sell on. The future of apps like WazirX and crypto unicorns like CoinSwitch Kuber and CoinDCX is unknown.
The smarter or seasoned investors are using this as an opportunity to either “buy the dip” and sell it on the international market with USDT or they are looking at using this uncertainty to boost their overall portfolios or even better still, looking for an arbitrage. The ones that are sure to end up losing money is the naive or beginner investor who was probably just testing out the market or slowly looking at diversifying their portfolios.
The whole “coolness” or the trend of everyone investing in crypto will take a big hit and almost everyone is in a scramble to get out with the least loss possible. International investors are looking at this as an opportunity to get their hands on sought after coins at a much cheaper rate as the market now will be flooded with Indians trying to sell.
One question that had propped up was that of what next? The investors who managed to exit with a decent profit margin are looking at the next big thing to invest in. The stock market is not an attractive option for many people as the amount of research and time that needs to be spent there is massive.
One of our sources who work closely with a lot of such investors told us that he has facilitated the investment requirements of over 35 investors in the past few days. The commodity that they are investing in at the moment is tomatoes.
The price of tomatoes has skyrocketed and have overtaken petrol. This is a seasonal high and many parts of India face the brunt as it is a crucial element in Indian cooking. Tomatoes, along with onions have regularly seen these seasonal price fluctuations for many decades.
“This is just...
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By NITTEN NAIRThe investor market has been on the edge in recent weeks with strong signals coming from the government that the future of cryptocurrency is not safe. The RBI had made its stand a long time ago that cryptocurrency is not legal tender in India and cannot be used for any transaction. The latest reports were that steps were being put in place to ensure that cryptocurrencies like Bitcoin, Dogecoin etc will not be an asset class either.
The main argument that the RBI was putting forward is that the deregulated nature of the market makes it difficult to monitor and ensure that the funds were not being used for illegal activities like funding terrorism or the purchase of illegal material. There is also the possibility of using cryptocurrency as a mode of diverting funds from India to abroad or vice versa without going through any of the regulatory procedures.
The advocates of cryptocurrency strongly counter the arguments of the RBI by stating that cryptocurrencies should be treated as stocks or bonds which are legal in India. As any kind of transaction is not allowed anyways, there is no danger of actually using crypto to “purchase” anything directly. The various apps out there that work as crypto exchanges also function only when linked to a bank account so once again, unregulated funds will not enter the market.
Many investors woke up to the news that the proposal to ban crypto will be placed in the parliament during the winter session which is scheduled to begin on Monday, 29th November 2021. The proposed ‘Cryptocurrency & Regulation of Official Digital Currency Bill 2021’ that will be tabled next week will facilitate the launch and functioning of a digital currency that will be regulated by the RBI and will effectively ban all private cryptocurrency in India.
This news has triggered a series of panic selling on the various crypto exchanges with apps like WazirX showing an average fall of 15% in the prices across all cryptos at the time of this article going to press. Netizens have taken to Twitter to rant about both the Indian government, the RBI and also about the WazirX app which is suddenly not a hot platform to sell on. The future of apps like WazirX and crypto unicorns like CoinSwitch Kuber and CoinDCX is unknown.
The smarter or seasoned investors are using this as an opportunity to either “buy the dip” and sell it on the international market with USDT or they are looking at using this uncertainty to boost their overall portfolios or even better still, looking for an arbitrage. The ones that are sure to end up losing money is the naive or beginner investor who was probably just testing out the market or slowly looking at diversifying their portfolios.
The whole “coolness” or the trend of everyone investing in crypto will take a big hit and almost everyone is in a scramble to get out with the least loss possible. International investors are looking at this as an opportunity to get their hands on sought after coins at a much cheaper rate as the market now will be flooded with Indians trying to sell.
One question that had propped up was that of what next? The investors who managed to exit with a decent profit margin are looking at the next big thing to invest in. The stock market is not an attractive option for many people as the amount of research and time that needs to be spent there is massive.
One of our sources who work closely with a lot of such investors told us that he has facilitated the investment requirements of over 35 investors in the past few days. The commodity that they are investing in at the moment is tomatoes.
The price of tomatoes has skyrocketed and have overtaken petrol. This is a seasonal high and many parts of India face the brunt as it is a crucial element in Indian cooking. Tomatoes, along with onions have regularly seen these seasonal price fluctuations for many decades.
“This is just...
The main argument that the RBI was putting forward is that the deregulated nature of the market makes it difficult to monitor and ensure that the funds were not being used for illegal activities like funding terrorism or the purchase of illegal material. There is also the possibility of using cryptocurrency as a mode of diverting funds from India to abroad or vice versa without going through any of the regulatory procedures.
The advocates of cryptocurrency strongly counter the arguments of the RBI by stating that cryptocurrencies should be treated as stocks or bonds which are legal in India. As any kind of transaction is not allowed anyways, there is no danger of actually using crypto to “purchase” anything directly. The various apps out there that work as crypto exchanges also function only when linked to a bank account so once again, unregulated funds will not enter the market.
Many investors woke up to the news that the proposal to ban crypto will be placed in the parliament during the winter session which is scheduled to begin on Monday, 29th November 2021. The proposed ‘Cryptocurrency & Regulation of Official Digital Currency Bill 2021’ that will be tabled next week will facilitate the launch and functioning of a digital currency that will be regulated by the RBI and will effectively ban all private cryptocurrency in India.
This news has triggered a series of panic selling on the various crypto exchanges with apps like WazirX showing an average fall of 15% in the prices across all cryptos at the time of this article going to press. Netizens have taken to Twitter to rant about both the Indian government, the RBI and also about the WazirX app which is suddenly not a hot platform to sell on. The future of apps like WazirX and crypto unicorns like CoinSwitch Kuber and CoinDCX is unknown.
The smarter or seasoned investors are using this as an opportunity to either “buy the dip” and sell it on the international market with USDT or they are looking at using this uncertainty to boost their overall portfolios or even better still, looking for an arbitrage. The ones that are sure to end up losing money is the naive or beginner investor who was probably just testing out the market or slowly looking at diversifying their portfolios.
The whole “coolness” or the trend of everyone investing in crypto will take a big hit and almost everyone is in a scramble to get out with the least loss possible. International investors are looking at this as an opportunity to get their hands on sought after coins at a much cheaper rate as the market now will be flooded with Indians trying to sell.
One question that had propped up was that of what next? The investors who managed to exit with a decent profit margin are looking at the next big thing to invest in. The stock market is not an attractive option for many people as the amount of research and time that needs to be spent there is massive.
One of our sources who work closely with a lot of such investors told us that he has facilitated the investment requirements of over 35 investors in the past few days. The commodity that they are investing in at the moment is tomatoes.
The price of tomatoes has skyrocketed and have overtaken petrol. This is a seasonal high and many parts of India face the brunt as it is a crucial element in Indian cooking. Tomatoes, along with onions have regularly seen these seasonal price fluctuations for many decades.
“This is just...