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 on cryptocurrency 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 modelled after China. And as we can see, China has already a ban over the usage and trading of Cryptocurrency.
Effects of ban on Cryptocurrency on Traders and Platforms
The Virtual Currency Platforms in India expressed their concern over the new possible ban on cryptocurrency.
“We’re all waiting for details about the law that is being proposed to come out to determine our next step of action. If government wants to continue with banning all cryptocurrencies, except the one from the state, it will not make sense to continue our platform in India,” Unocoin co-founder and chief executive officer Sathvik Vishwanath said. “But we’ll have to wait and watch.”Sathvik Vishwanath
Read more at 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.
Ban on Cryptocurrency – More about the coin
Cryptocurrency is a web-based currency. It doesn’t need any bank or a middle man for transection. The owner of the cryptocurrency is the boss of his own money. That is the reason people are now very interested in cryptocurrency. many people are investing a lot of money in it and many people are also changing their fortune with this magic money. it has also created a massive industry from that many people are also changing their fortune.
Many blockchain developers and coming out and making a lot of money from it. The youngest billionaire in the world was a blockchain developer. He made an lt of money through cryptocurrency through blockchain development. A lot of people are also becoming million by this. So if you have a billionaire mindset you should obviously try blockchain development. What are you waiting for? start mining now.
Bitcoin – Ban on Cryptocurrency
Bitcoin is a cryptocurrency. Cryptocurrency means its web-based currency. It has no physical form. It can’t be sent both ways. it is web-based. one Bitcoin equals 33,531.70 United States Dollars. Can you imagine in 2010 one bitcoin was only 5 dollars? One Indian guy invested in bitcoin in 2010. Now he is a billionaire. He is the youngest billionaire in India. He is also the one who bought the NFT with 69 million dollars.
India is now seeing that bitcoin can be a very bright future for their country. It can be used very widely in India. It could be used in every sector in India. It could be used in big projects and also in small projects also it will create a massive industry in India and many young people can be employed. India is one of the biggest countries with one of the largest numbers of people unemployed.
If India takes the ban off from bitcoin it will help India very much. They will be able to make more foreign money. India’s youths are talented they will also find a place for themselves in the industry and will able to stable themselves economically. BItcoin will eradicate poverty in India. So, we can say that imposing a ban on bitcoin could be the greatest decision India has ever made for their country.
Conclusion to Ban on Cryptocurrency
Anything other than Gold and Silver in terms of Coins does not have an inherent value of its own. So, even if someone invests in such a coin, we cannot blame the coin but the person only. Be careful on your own!