Corporates can not trade in private crypto in India

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When the whole corporate world has started realising the importance of the crypto currencies, Indian laws are holding the top Indian companies from investing in crypto currencies.5871683C3BB245CE8497A2A69B1FC57C.jpeg

Recently, Tesla bought a billion dollar worth of bitcoins. In an interesting post by @khalilkazi it was mentioned that along with Tesla even Apple goes on bitcoin buying spree.
Another post by @jrcornel claims that if corporates start buying bitcoins of 10% of the cash on the balancesheet it would pump the prices of bitcoin to $400000.
In such a global scenario, the steps by Indian government are quite surprising. The new bill introduced by them is called The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. This bill bans the corporates and individuals from buying the crypto currencies.

The bill is likely to make mining, holding, selling, issuing, transferring, and using of cryptocurrency a punishable offence with a heavy fine or imprisonment or both.
This is going to impact around 7 million Indians who hold cryptocurrencies worth more than $1 billion.Its interesting to see if in an otherwise bullish markets can these developments build pressure on bitcoin prices.

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