The proposed ban on private cryptocurrencies in India had triggered panic selling by investors in the last week of November. However, Twitter influencers and Redditors are of the opinion that India may not go for a blanket ban on cryptocurrency as apprehended by majority of the investors in the country but keep a conducive and regulated environment, according to the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

GlobalData’s Social Media Analytics Platform identifies and tracks the emerging trends, pain areas, new fields of innovation among discussions of Twitter influencers and Redditors.

Smitarani Tripathy, Influencer Analyst at GlobalData, comments: “Social media conversations around crypto in India context surged by 40% in the last week of November compared to the previous week, following the government’s decision to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session of Parliament.”

Below are a few most popular tweets captured by GlobalData’s Social Media Analytics Platform:

1. CS Jigar Shah, Founder Partner at JMJA & Associates LLP:

“I don’t think, BAN is coming.. India will adopt Crypto with regulations..Now only challenge is the way Babu’s will understand and regulate it.. but complete ban is unlikely now.”

https://twitter.com/FCSJigarShah/status/1463206089361526789

2. Ajeet Khurana, Advisor, and former CEO at Zebpay:

“Despite the price-bloodbath today, and the prospect of more FUD (fear, uncertainty, and doubt), my GUESS is that we are not in for a “banning.” Despite stringent controls coming in, the crypto industry in India will eventually see a more enabling policy framework eventually.”

https://twitter.com/AjeetK/status/1463256340932005895

3. Lavanya Mohan, Freelance Writer:

“India’s crypto end game increasingly looks like it will mirror China’s – bringing in a digital rupee that employs blockchain while prohibiting private currencies. Hope some middle ground can be achieved!”

https://twitter.com/lavsmohan/status/1463147771658076161