Having said that, it wasn’t all smooth sailing. Reserve bank of India had imposed<\/a> a ban on banks dealing with crypto businesses back in April 2018, which came into effect in July of that year. The Supreme Court, in 2020, revoked<\/a> the clause; however, regulatory authorities show no signs <\/a>of backing down<\/a>.<\/p>\n Crypto investments in India<\/strong><\/p>\n Irrespective of the current hot and cold crypto narratives, investments in digital assets witnessed a 19,900% rise over the past year. According to the latest Bloomberg report<\/a>, crypto investment within India surged from $200 million to around $40 billion within a year.<\/p>\n Here’s an illustration based on the\u00a0data<\/a> from blockchain analytics firm Chainalysis:<\/p>\n As stated in the published<\/a> report, “the crypto investments increased during mid-2020 before going parabolic as the markets surged into new all-time highs towards the end of the fourth quarter.”<\/p>\n Two renowned crypto analysts expressed their sentiments towards this development on Twitter.<\/p>\n Indians are dropping gold for bitcoin and cryptocurrencies.<\/p>\n – Bitcoin replaces gold as asset to store value & pass down from generation to generation<\/p>\n – Government \u201cban\u201d was marketing campaign & led to increased adoption<\/p>\n Both trends easy to anticipate \u2705https:\/\/t.co\/bX6UpPmAT0<\/a><\/p>\n — Anthony Pompliano \ud83c\udf2a (@APompliano) June 28, 2021<\/a><\/p><\/blockquote>\n![\"\"](\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-28-at-11.47.29-AM-1024x603.png\")
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