India is all set to impose a ban on Cryptocurrency investment, particularly Bitcoin, as reported by an ‘unnamed senior finance ministry official’ mentioned in Bloombergquint.
The reports also suggest that India might have a plan for its own virtual currency.
The ban will not be imposed overnight and the investors will be given a transition period of 3 to 6 months to liquidate their investments.
The official also mentioned that India’s newer laws will be modeled after China. And as we can see, China has already a ban over the usage and trading of Cryptocurrency.
Effects on Cryptocurrency Traders and Platforms
The Virtual Currency Platforms in India expressed their concern over the new possible ban.
“We’re all waiting for details (of the proposed law) to come out to determine our next course of action. If government goes ahead with banning all cryptocurrencies, except the one backed by the state, it will not make sense to continue our business in India,” Unocoin co-founder and chief executive officer Sathvik Vishwanath said. “But we’ll have to wait and watch.”
Read more at: https://www.bloombergquint.com/business/intent-on-ban-india-to-give-transition-time-to-crypto-investors-bq-exclusive
Copyright © BloombergQuint
Also, the price of Cryptocurrency is dropping after the introduction of this probable ban in India, at least by a margin of 30%.
Let us see if the government can formulate a new virtual currency of their very own, and if it lives up to the expectation of the people.
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