Synopsis
In January 2021, Tesla bought Bitcoins worth USD1.5 billion. The news sent Bitcoin to the stratosphere. But Indians who invested in Bitcoins are finding themselves in a Catch-22 situation. Why so? The government’s latest stance has cast a shadow on the future of Bitcoin and other cryptocurrencies.
Tesla’s big bet on Bitcoins may have created euphoria about the digital asset among wealthy investors across the globe, but in India, the well-heeled with exposure to cryptocurrencies traded in overseas destinations are not joining the celebrations. Reason: They are uncertain about the fate of these investments as the Indian government moves towards banning Bitcoin. Many of these investors, worried that they might be on the wrong side of law,
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