India dodges global crypto meltdown, thanks to cautious govt, RBI

Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed, thanks to a cautious approach of the government and the RBI.

While the Reserve Bank of India (RBI) has refused to recognise cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand.

Net result – Indian investors have been largely spared from the crypto meltdown that has taken the total market value of cryptocurrencies below $1 trillion in just a year from $3 trillion in 2021 and sent Bahamas-based crypto exchange FTX into bankruptcy after a rush of customer withdrawals.

The collapse of FTX empire, which has wiped out the entire $16 billion fortune of co-founder Sam Bankman-Fried –