Investors worried as India mulls banning Bitcoin
Bitcoin surged past $47,000 on Tuesday after Tesla said it had invested $1.5 billion in the cryptocurrency.
Synopsis
Following the government’s announcement that it plans to ban private cryptocurrencies, the family office has approached a leading foreign exchange lawyer to check if any laws have been violated.
Tesla’s big bet on Bitcoin has helped propel it to record levels. But in India, those with exposure to cryptocurrencies traded overseas are not joining the celebration. Reason: they are uncertain about the fate of their investments as the Indian government moves toward banning cryptocurrencies such as Bitcoin. Many of these investors, worried that they might be on the wrong side of law, are rushing to seek legal opinion on the road ahead.