Indian Olympic winners offer free BTC and ETH

Countries in the world are looking towards digital currencies after seeing overwhelming response to them. Countries one after another passed legislation to enable the use of crypto for their payments in their legislative houses. 

El Salvador is the first nation in Central America to adopt bitcoin as legal tender could catalyze the use of cryptocurrencies as a standard means of payment around the world. It offers $30 worth of Bitcoins freely to all adult citizens to give confidence on cryptocurrencies among them. In the similar manner, Uruguay introduces a bill to enable the use of cryptocurrencies for payments. Coming to India, the government has drafted The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, also known as the Crypto Bill but not tabled in monsoon sessions of the parliament.

Many investors and stock exchanges are waiting for the government's response on cryptocurrency. Bitbns, the country’s leading cryptocurrency exchange, has moved one step ahead of Indian government to promote digital currencies. Bitbns announces cryptocurrency for India’s Olympics medal winners at the Tokyo 2020 Olympic Games in the form of SIP. Bitbns has announced The SIP will start onwards from 2 lakh for gold, 1 lakh for silver, and 50,000 for bronze winners. The amount will be auto-credited to their account, which the athletes can later access by completing the KYC. After completing the Know Your Customer (KYC) norms, the athletes will have exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Financial analysts believed that Bitbns initiative would give a lot of encouragement to the new digital currency investors. The exchange will reportedly grant around $2,700 in crypto for gold medal winners. Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly. This forced the government to change its initial opinion on cryptocurrencies. As per the survey, there are around 15 million people trading cryptocurrencies in India. The number surpasses the United Kingdom where 2.3 million entered into the crypto market.