With India preparing to introduce the much-awaited Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the Winter Session of the Parliament beginning November 29, all eyes are on what will happen to the Indian investors hard-earned money once the ban on all private cryptocurrencies comes into effect. With an estimated 15 to 20 million crypto investors, and no clarity on the size of the Indian crypto market, a blanket ban is set to shake up the entire crypto ecosystem.

A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) with industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay on board, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets to date -- a figure which is highly questionable, as no one has any actual idea about the kind of money being routed via crypto exchanges.