according to eToro’s Senior Technical Analyst, Mati Greenspan,crypto has the potential to change major economies like India, which are struggling to push digital payments and reduce paper money.
India is on the agenda with Krypto ban
The State Bank, India’s largest bank, is restricting ATM withdrawals to enforce digital payments and reduce the amount of money in the system. There is no clear explanation for India’s sector-oriented arrangements, which have not been kept on the agenda lately, with the ban imposed on crypto money. Big Wall Street banks have different views over bitcoin.
The regulators in India, the world’s second-largest country and the world’s largest democracy, were unable to make peace with the new currency, Bitcoin. The country has become a ban on the elimination of money from the country in 2016. This eliminates the money from the system, while the country’s government encourages digital payments according to the Digital Indian digitization plan.
Following the same mission, the State Bank of India, the country’s largest bank, reduced its daily withdrawal limit to 20,000 rupees ($270) per day, resulting in less unaccounted for cash in the system, and making money laundering difficult. This reduced cash will also provide an opportunity for digital payments.
Indian regulators are investigating how to proceed with crypto money
On the other side of the story, although it is a visible driving force to digitize payments, the country is still concerned about how to proceed with crypto money. While the central bank of India has brought a comprehensive ban on all Krypto assets, the Apex court is about to make a decision. The court asked the government to submit its reasons under the case before a decision was made in mid-November. The court is likely to decide in favor of the crypto money.
Since Krypto advocates in India hope to continue lobbying and make a decision on their behalf, there is a challenge for this government. If this happens, the Krypto assets in the country will be legalized.
Big Wall Street is divided into crypto coins
Although this is an Indian story, Wall Street is still divided into crypto currencies. Bitcoin’s 10. on the anniversary, JP Morgan and Morgan Stanley gave different views on Bitcoin. Morgan Stanley sees crypto money as a corporate asset class, JP Morgan doesn’t call it an asset class.