Repost Admin
The CBDC report published by India’s central bank may not be good news for the Indian cryptocurrency market.
Crypto was such a hit in India in 2021 that it made the country the fastest growing market for the asset class, surpassing the MENA region and even Europe.
At one point, the country’s market jumped by 641% in just 12 months and was projected to surge even more.
But everything changed in April this year as the government of India started to tighten its grip on crypto, imposing tax on transactions involving the asset which led to the collapse of local exchanges.
Some thought this might have something to do with the nation’s plan to eventually have its own CBDC.
Country officials said the move was made to provide a wi
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