{"id":2368,"date":"2021-02-23T13:12:00","date_gmt":"2021-02-23T13:12:00","guid":{"rendered":""},"modified":"2026-01-05T14:49:56","modified_gmt":"2026-01-05T09:19:56","slug":"an-indian-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/an-indian-cryptocurrency\/","title":{"rendered":"An Indian Crypto-currency on the Cards: RBI Proposes its Own Digital Currency – Research & Ranking"},"content":{"rendered":"
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Crypto-currencies have for long been the subject of intrigue and adventure for speculators. Presently, there are more than 5,000 crypto-currencies (also sometimes called digital currency) globally with a whopping market cap of $1.52tn. Crypto-currencies so far have had a stormy relationship with Indian regulators.<\/span><\/p>\n\n\n\n

RBI tried to ban crypto-currencies in 2018 fearing frauds and lack of regulatory framework. However, the Supreme Court revoked this decision in 2020, allowing the market to restart. The RBI then thought of taking a step further by introducing its own digital currency, which is still in the policy framing stage. Let us understand what this means. <\/span><\/p>\n\n\n\n

What is a crypto-currency?<\/strong><\/span><\/h2>\n\n\n\n

Investopedia defines Crypto-currency as a \u201cdigital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend<\/em>\u201d. Crypto-currencies are generally not issued by any country\u2019s Central Bank<\/a>, hence they are shielded from government interference or manipulation. Bitcoin is the most popular cryptocurrency. The Top 10 most popular Crypto-currencies are as follows:<\/span><\/p>\n\n\n\n

Top 10 global<\/a> Crypto-currencies by Market Cap<\/strong><\/span><\/p>\n\n\n\n

\n

Currency<\/strong><\/span><\/span><\/span><\/p>\n<\/td>

\n

Symbol<\/strong><\/span><\/span><\/span><\/p>\n<\/td>

\n

CMP ($)<\/strong><\/span><\/span><\/span><\/p>\n<\/td>

\n

Market Cap ($bn)<\/strong><\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Bitcoin<\/span><\/span><\/span><\/p>\n<\/td>

\n

BTC<\/span><\/span><\/span><\/p>\n<\/td>

\n

51,239<\/span><\/span><\/span><\/p>\n<\/td>

\n

946<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Ethereum<\/span><\/span><\/span><\/p>\n<\/td>

\n

ETH<\/span><\/span><\/span><\/p>\n<\/td>

\n

1,805<\/span><\/span><\/span><\/p>\n<\/td>

\n

206<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Tether<\/span><\/span><\/span><\/p>\n<\/td>

\n

USDT<\/span><\/span><\/span><\/p>\n<\/td>

\n

1.00<\/span><\/span><\/span><\/p>\n<\/td>

\n

32<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Polkadot<\/span><\/span><\/span><\/p>\n<\/td>

\n

DOT<\/span><\/span><\/span><\/p>\n<\/td>

\n

31<\/span><\/span><\/span><\/p>\n<\/td>

\n

28<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Cardano<\/span><\/span><\/span><\/p>\n<\/td>

\n

ADA<\/span><\/span><\/span><\/p>\n<\/td>

\n

0.85<\/span><\/span><\/span><\/p>\n<\/td>

\n

27<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

XRP<\/span><\/span><\/span><\/p>\n<\/td>

\n

XRP<\/span><\/span><\/span><\/p>\n<\/td>

\n

0.53<\/span><\/span><\/span><\/p>\n<\/td>

\n

24<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Binance Coin<\/span><\/span><\/span><\/p>\n<\/td>

\n

BCH<\/span><\/span><\/span><\/p>\n<\/td>

\n

130<\/span><\/span><\/span><\/p>\n<\/td>

\n

20<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Litecoin<\/span><\/span><\/span><\/p>\n<\/td>

\n

LTC<\/span><\/span><\/span><\/p>\n<\/td>

\n

216<\/span><\/span><\/span><\/p>\n<\/td>

\n

14<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Bitcoin Cash<\/span><\/span><\/span><\/p>\n<\/td>

\n

BCH<\/span><\/span><\/span><\/p>\n<\/td>

\n

704<\/span><\/span><\/span><\/p>\n<\/td>

\n

13<\/span><\/span><\/span><\/p>\n<\/td><\/tr>

\n

Chainlink<\/span><\/span><\/span><\/p>\n<\/td>

\n

LINK<\/span><\/span><\/span><\/p>\n<\/td>

\n

31<\/span><\/span><\/span><\/p>\n<\/td>

\n

13<\/span><\/span><\/span><\/p>\n<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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The rise and rise of Bitcoin (USD)<\/strong><\/span><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Source:<\/strong><\/u><\/em> Coinmarketcap<\/em><\/span><\/p>\n\n\n\n

Indians join the party, albeit late<\/strong><\/span><\/h3>\n\n\n\n

Indian investors joined the crypto-currency party a bit late. Bitcoin, the most popular crypto-currency was launched in January, 2009. However, Indian interest in the currency picked up only in 2017, when it saw a huge breakout. It rallied from $964 on 1st<\/sup> January 2017 to $19,167 on 17th<\/sup> December 2017, a mind-boggling return of 20xs in less than a year. People started speculating in the currency and looked at it as a way to make a \u201cquick buck\u201d. Back then, no one looked at Bitcoins as a serious investing option, partly because very few people understood the concept fully. <\/span><\/p>\n\n\n\n

RBI proposes an Indian crypto-currency, Supreme court disposes<\/strong><\/span><\/h2>\n\n\n\n

The demonetization exercise of 2017 drove a push towards digital transactions, increasing Indians\u2019 appetite for crypto-currencies. After remaining largely silent for few years, RBI finally issued a statement in 2017 highlighting the concerns associated with the sudden rise of crypto-currencies. In 2018, RBI passed a circular preventing all banks from dealing in crypto-currencies. However, in 2020, the Supreme Court of India lifted the ban on crypto-currency trading in India, citing a lack of sufficient proof of damage suffered by RBI due to trading in crypto-currencies. It also said that the RBI had not explored any less intrusive alternatives such as regulating crypto-currency trading or exchanges. <\/span><\/p>\n\n\n\n

The pros of crypto-currencies\u2026\u2026\u2026..<\/strong><\/span><\/h3>\n\n\n\n

Crypto-currency offers several advantages vis-\u00e0-vis trading in equities or debt. <\/span><\/p>\n\n\n\n