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Modi Government Plans to Ban CryptoCurrency in India

Will India ban Cryptocurrency?

cryptocurrency ban in India, ban on cryptocurrency,

Cryptocurrency is a digital asset that is designed to work as an exchange medium whose ownership data is stored in a ledger existing in form of a computerized database. The ledger of transactions is maintained by crypto mining. Gaining cryptocurrencies by solving cryptographic equations by the use of high specification computers is called crypto mining.

Investment in cryptocurrency increased by a significant percentage during the initial period of the Covid-19 pandemic. First-quarter of 2020 saw the rise of cryptocurrency especially bitcoin which grew 224% from January to fall just short of  $24000 in December of 2020. It took less than a month to smash the previous all-time high and surpass $40000.

On 4th March of 2020, the Supreme Court of India struck off the banking ban by the Reserve Bank Of India against crypto stating the constitutional rights of citizens of India.

Why Indian government wants to ban cryptocurrency?

The crypto community in India was taken aback when the government of India announced to ban all forms of cryptocurrencies in India back late in January. Rumour has it that the government fears cryptocurrency might become a strong alternative to INR. Another reason is that digital currency is not regulated by the central bank of India(Reserve Bank of India). The government of India is skeptical about the use of cryptocurrency for illegal purposes.

Is cryptocurrency banned in India?

As of now any person can buy or sell crypto assets in India. The government of India has already announced that it will bring a bill for a ban on cryptocurrencies during the ongoing budget session. However, the existing investors will get three to six months time to liquidate their investments from the crypto market. 

Views of Dhruv Rathee on cryptocurrency


What are the options ahead of the upcoming ban?

Option 1: Sell the crypto asset and exit.
Option 2: Use hardware wallets.
Option 3: Transfer your digital assets to your friends or relatives abroad.
Option 4: Wait for the result.

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3 comments:

  1. Very informative, I hope crypto stays in india

    ReplyDelete
  2. Detailed article. Bad luck for miners

    ReplyDelete
    Replies
    1. Thanks and you are right its would be so bad for miners

      Delete

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