The Indian economy is experiencing severe economic slowdown not seen in many years, and cryptocurrency can potentially help. However, the government is considering a draft bill to ban cryptocurrencies, which could have undesirable consequences on the economy. Meanwhile, the Indian crypto community has already been enduring a banking ban by the central bank.

Also read: Indian Supreme Court Orders RBI to Answer Crypto Exchanges, New Date Set

Job Growth Amid ‘Unprecedented’ Economic Slowdown

Rajiv Kumar, the vice-chairman of Indian policy think tank Niti Aayog, said last week that the Indian government is facing “an unprecedented situation.” He explained that “In the last 70 years, nobody had faced this sort of situation where the entire financial system is under threat.” According to Reuters, economists predicted earlier this week that, in the second quarter of this year, the Indian economy likely expanded at its slowest pace in more than five years.

The slowdown has led to many job losses in a…

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Source: https://news.bitcoin.com/crypto-can-boost-indian-economy-banning-will-hurt-it/