The Government of India may ban all private cryptocurrencies. We first showed this news to you yesterday in this show and during the telecast of DNA, the prices of all cryptocurrencies including Bitcoin fell by 15 to 20 percent within an hour.
Since the news of the ban on crypto, people are also looking towards those exchanges, through which they have invested Rs 70,000 crore in digital currency. Although crypto exchanges also claim that Rs 6 lakh crore of Indians are invested in this market. If this is true, you can say that money equivalent to 3 per cent of India's total GDP and 17 per cent of India's annual budget has been put in crypto.
At present, there are about 10 major crypto exchanges in India, through which people buy or sell cryptocurrencies. In return, these exchanges charge fees from investors. Although these fees are minimal but this is the biggest source of revenue for the crypto exchanges.
As we have told you that India is the largest market of crypto in the whole world and more people have invested in crypto in the last 2 years than the number of people in India who have invested in the share market. On the basis of such a huge number, those companies of India are flourishing, which call themselves crypto exchanges. Today, there have been statements from the owners of most of these companies or even big officials. The owner of an exchange himself asked people on Twitter that if the government bans crypto, what will happen to the digital currency that is already in circulation?
Even we do not have a straight answer to this, but we can definitely tell our audience that if crypto is banned then you will not be able to buy it through your bank or any UPI wallet, nor will you be able to buy convert it into rupees.
Now crypto investors may not be able to become millionaires overnight, but many people who started crypto exchanges have definitely become millionaires in the last two to three years.
For example, 35-year-old Nischal Sethi, who started the crypto exchange named WazirX in the year 2018, is currently the owner of about Rs 38 crores. Here, let us make one thing clear that we have got these figures from different media reports and we do not confirm it. But the companies which are spending so much on advertisements, obviously they must be making a profit from somewhere and they must be earning crores.
Similarly, a foreign crypto exchange works in India, named Coinbase. This company has started working in India this year. And now, its owner Brian Armstrong has become the owner of Rs 49,000 crores.
Similarly, India's two crypto exchanges, CoinSwitch Kuber and CoinDCX have now turned into unicorns, that is, their market value has been more than Rs 7,500 crores.
In the year 2018, the Reserve Bank of India had banned crypto in India, which was later removed by the Supreme Court in 2020, and in such a short period, on the basis of crores of investors, these companies operating as crypto exchanges became worth thousands of crores and their owners became millionaires and billionaires.
You must have seen advertisements for crypto exchanges on TV, in which you are repeatedly assured that investing in it is absolutely simple and safe. In the year 2021 itself, Rs 150 to 180 crores have been spent on these advertisements, and in the market of advertisements on the internet, the share of advertisements of crypto exchanges was 6 per cent till the month of January this year, which increased to 46 per cent by July this year.
Even during the recently held T20 World Cup, only two companies had given advertisements worth Rs 50 crore on TV. It is clear that like ordinary investors, these companies were also playing big bets on Crypto. But the crypto investors may not get much now.
At present, there is some time for this bill to come. Once this bill is presented in Parliament, only then there will be clarity on the future of crypto in India. Till then, all we can tell you is to control your investment and keep an eye on the changing developments and withdraw your money if you think the future of your investment is in danger.
