Investors and traders are bearing the strict regulations on digital currency in India—with some transferring their digital currencies to overseas wallets and opening accounts abroad.
In Canada, the Ontario securities regulator announced that Binance wasn’t authorized to offer services in the province; meanwhile in India, WazirX exchange was accused of evading of $5 million in taxes.
India could see some 800,000 people employed in the digital currency industry, which is expected to hit $241 million by 2026 and add $184 billion to the economy by 2030.
The Indian festive season has kicked off and digital currency firms are spending big on ads seeking to market Bitcoin as the best gift this holiday season.
The Reserve Bank of India still maintained its stance that digital currencies can lead the country into financial stability, even though it plans on launching its own digital currency.