As an asset class cryptocurrency is here to stay and the outlook is positive.

May has been a stress-filled month for cryptocurrency investors. The world’s largest cryptocurrency Bitcoin came to an almost 4-month low last month. Earlier Bitcoin had plunged over 50 per cent to $30,066 from its record high of $64,895 hit on April 14. The coin linked to the Ethereum blockchain network, Ethereum, dropped nearly 57 per cent to $1,850, its lowest level since late January.

There were always a lot of uncertainties in this class of assets. However, this has not deterred Indians from investing in this asset and today India has more than 10 million cryptocurrency investors as of April 2021. With crypto prices recently seeing a substantial pullback, the Reserve Bank of India also clarified on 31st May 2021 that bankers cannot cite the Supreme Court order of 2018 to warn users for trading in cryptocurrency, as RBI has not issued any guidance since 2018.

S Ravi,…

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