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BITCOIN ETFS ON THE RISE – NEXT STOP: INDIA

 


The number of Bitcoin ETFs increased towards the end of last year. This was mainly due to the SEC's permission for Bitcoin Future ETFs. Is India, known for being crypto-hostile, jumping on this bandwagon?


The SEC has long been known to work against cryptocurrencies and ban crypto funds. The SEC is still at “ war ” with Ripple, the organization behind XRP. In April of this year, the hammer should finally fall in the court proceedings.


Another SEC-fought battle against cryptocurrencies ended back in October last year. After more and more applications landed on the SEC table to be allowed to publish a Bitcoin ETF, the pressure from the authority increased. After some politicians also fanned the fire, the SEC decided to allow Bitcoin ETFs.



But be careful with this statement! A Bitcoin ETF is not just a Bitcoin ETF. A distinction must be made between Spot ETFs and Future ETFs. Bitcoin Spot ETFs are always backed by physical Bitcoin. Bitcoin Future ETFs are not. The price is determined by bitcoin futures, i.e. bets placed on the bitcoin. Thus, the price of Bitcoin Futures can deviate from that of the "real" Bitcoin. In addition, the Bitcoin futures are not deposited with Bitcoin.


India is crypto-hostile


The history of India and crypto is complicated. Again and again, applications were made to ban Bitcoin and other cryptocurrencies from the country - not always with full success. Nevertheless, the crypto-savvy residents of India have already had to put up with some grievances.


At the beginning of December last year, a law was passed that severely restricted the use of cryptocurrencies. The decree stipulates that cryptocurrencies may not be used as a means of payment.


In concrete terms, this means that the residents of India are generally allowed to have cryptocurrencies, but only as a means of investment and not for payment. Another limitation comes with it. The cryptocurrencies that are in the hands of the people of India are not allowed to be on their own wallets or international exchanges. Custody must take place on an Indian crypto exchange. Failure to comply with these regulations can result in penalties of up to 1½ years in prison and/or fines of between 5-20 million rupees (60-24,000 euros).


Barely two weeks later, the next draft law is presented, which calls for further restrictions on cryptocurrencies. Transactions should be completely banned - so many Indian investors fear for their deposits. However, one type of cryptocurrency is excluded from this – CBDCs.

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