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Will India BAN CRYPTOCURRENCY?

Crypto is the new currency of the world. It has grabbed attention all over the world since it was created in the year 2009. Cryptocurrency has given more than 1000% returns to investors. Based on blockchain and decentralization, crypto is the blue-eyed boy of investors.

Many cryptos such as bitcoin, ethereum, Matic, etc have given 10000% profit to their early investors. Indian youth is also investing a lot in crypto. India has 10 crore crypto users amounting to billions of Rupees.

The Indian government does not have any control over the same, unlike stocks.

According to the government, crypto is used in illegal activities like drug trafficking and terrorist activities. Hence they want to ban it. Many people knowing this field think that it is not possible to ban crypto in India, as people can invest using international platforms like Binance and many more. India is planning to bring crypto regulating bill in the current winter session of the parliament.

It is rumored that the bill will completely ban crypto and the investors will be fined a huge amount of money and will be put behind bars.

As a result, the crypto market has crashed by 25%. Many investors are panic selling their cryptocurrency.

Some channels are showing that it will be banned completely and the others are showing that it will not be banned but regulated. As a result, there is a lot of speculation in the market.

Photo by Executium on Unsplash

Is India following china in banning crypto? We’ll get to know when the time comes.

All the Indian platforms like Wazirx, coin dcx, and coin switch kuber are witnessing panic selling. Many investors are using it as an opportunity to invest in crypto at discounted rates. As they think there will be no ban at all. Many countries like Australia and Japan are also planning to regulate crypto. America and the EU have liberal laws for investors. Even Pakistani banks are planning to use blockchain technology as it is very useful in banking.

The world is accepting cryptocurrency with open arms. Let us wait and watch where India stands. Being the number one country in the count of investors India can’t afford to harm the investors as there is a huge amount of money involved. But according to reports India is planning to launch its own coin. The finance minister has mentioned in an interview about the same.

But with celebrities promoting crypto on television and the government not stopping it, seems quite contradictory. 70% of advertisements during the T20 world cup were directly or indirectly related to crypto.

Photo by Javier Esteban on Unsplash

In Britain, 15-year-old school kids have started investing in crypto. Nearly 70% of investors in India are aged between 18 to 35, college students are investing in crypto from their pocket money savings. The ban will wash away the money they have invested.

India should take positive steps towards cryptocurrency as it can generate a lot of jobs if it is legalized. As many foreign platforms like Binance and gateway are eager t open branches in India and work on blockchain technology

All the C E O’S of the Indian crypto platforms have urged the government to legalize cryptocurrency as all their uses are KYC ready and will mostly be ready to shell a bit more as taxes.

WazirX CEO Nischal Shetty has also said that regulating crypto will be better than banning it, he said Government should bring positive regulations to help the Indian crypto ecosystem grow rapidly.

As a crypto investor even I feel that there should be positive moves as the future needs blockchain technology and decentralization. We need to be future-ready.

Jaydeep Parmarhttps://indiareport24.com
Welcome to indiareport24, Founded in 2020 by Jaydeep Parmar. A representative of an integrated newsroom, www.Indiareport24.com is the Indiareport24 online portal and is among the fastest-growing news website in India. Indiareport24 provides daily national, international and business news, health, Entertainment, Sport’s, detailed coverage of significant events. Our role is to fulfill our mission and develop our Public Purposes.
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