India plans to regulate cryptocurrency

ZB Academy
3 min readSep 6, 2021

On September 6, as of the morning of September 6 (UTC+8), the total market value of global cryptocurrency was about $2.12 trillion, with a 24-hour market value increase of more than $50 billion. Bitcoin prices are traded around $50500 and Ethereum prices are around $3900. Meanwhile, the growth trend of NFT is still strong. According to the statistics of ZB Research Institute, NFT sales in the last week of August exceeded US $1 billion. As of September 6, NFT sales settled last week exceeded US $821 million.

ZB Research Institute believes that the rise of global cryptocurrency may be related to the recent performance of bitcoin and Ethereum. According to the statistics of ZB Research Institute, the computing power of bitcoin network was 127.85eh/s yesterday, and the 24-hour transaction rate was 2.92 transactions / s. In addition, the difficulty of bitcoin network is expected to be adjusted this week, and the mining difficulty is expected to continue to be increased to 1.85% to 17.94t.

On the other hand, there are considerable differences in Ethereum blockchain. According to the statistics of ZB Research Institute last week, the number of Ethereum transactions and active addresses showed a downward trend. In contrast, the transaction fee of Ethereum continued to rise. Last week, the highest 24-hour transaction fee of Ethereum exceeded 10000 ETH, so the rising price of Ethereum tended to be flat.

On September 6, ZB Research Institute learned from the economic times that the Indian government is planning to define cryptocurrency in the new draft bill, which also proposes to divide virtual currency according to its use cases. An analysis report said that India plans to regulate cryptocurrency as a commodity.

ZB Research Institute believes that India’s recent Division and supervision of virtual currency may be the beginning of India’s loosening of cryptocurrency policy. According to the statistics of ZB Research Institute, cryptocurrency is a relatively popular job in Gurgaon, Mumbai, Bangalore and other cities in India. At present, cryptocurrency has created more than 10000 jobs in India. Its huge market potential and stimulating effect on the economy will make India have to choose a more friendly attitude towards cryptocurrency in the economic depression under the global epidemic.

On September 6, the Central Bank of Ghana launched electronic CCID, which allows consumers to save and pay at personal electronic terminals such as smart phones and smart watches. According to relevant news, the Bank of Ghana cooperated with German blockchain enterprises in August to try out a common central bank digital currency e-Cedi in Ghana. Some analysts believe that Ghana’s move is also a precursor to the legalization of cryptocurrency.

On September 6, Bloomberg released the September version of the cryptocurrency outlook report. According to the report, bitcoin will soon reach the $100,000 mark, which is a “path with the least resistance” and establish its position as a global reserve asset. ZB Institute believes that bitcoin will benefit from an increasingly digital society by comparing with the status of the US dollar as the global reserve currency. At the same time, the society also urgently needs a world value storage currency with enough transparency, secrecy and security. From the current cryptocurrency market performance, bitcoin is still the only cryptocurrency that meets this requirement.



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