What Happens If Cryptocurrency Is Banned In India

Just after few months the price of. Bithumb Global to Launch Cryptocurrency Exchange in India.

Youtube Bans Crypto Channel For Encouraging Illegal Activities Youtube Channel Activities

This time however a ban is even less likely to succeed and the consequences for indias economy could be more dire.

What happens if cryptocurrency is banned in india. Similarly Balaji S. Lack of clarity on cryptocurrency regulation would mean that crypto investors may be facing high risk if the government decides against cryptocurrencies in India. Banning crypto would be a reversal of economic liberalization in many ways.

More so this is when the investors can liquidate their holdings. With a view to making money lots of Indians started investing money at that time. The 2019 Crypto draft bill was titled Banning of Cryptocurrency and regulation of official digital currency which was later struck off by the Supreme Court of India to be unconstitutional.

That would be a confiscation of Rs 10000 crore from. It might show effect in defence sector. As per coinmarketcap bitcoin was at 646062 down by 593 ethereum at 47477 below 1133 rippl at 05344 lower by 992 bitcoin cash at 83815 down 1092 and eos at 975 below 1239.

Cryptocurrency investors in India may switch to peer to peer transfer methods in case the government goes ahead with a plan to ban cryptocurrencies in India. VCs like Draper Ayon and Sequoia known for backing such billion-dollar unicorns are now investing in Indian blockchain startups. What Happens If Cryptocurrency Is Banned In India.

What happens if cryptocurrency is banned in India. As of now cryptocurrency trading is legal in india and cryptocurrency is not banned in i. As per the same report this ban on cryptocurrency will affect more than 17 million indians trading in digital assets and a rising number of companies.

Banning cryptocurrencies better termed crypto assets would also stop investment in companies that use crypto tokens to power their technology. No other player in india was foreseeing this and it comes as a shock. In 2017 the most popular crypto-currency Bitcoin was increasing rapidly.

Even if the government bans cryptocurrencies it will likely give some time to Indian investors to liquidate their assets Vijay further added. A ban would force them to shut down or move overseas. 20 mar 2021 read 1453 views.

After banning crypto-currency it is still not known how deep it has rooted in Indian cyber space. Supreme court removes ban on cryptocurrency trading in india. Blockchain technology has the ability to revolutionize as the Internet did.

Even China which has banned mining and. The details are not available right now so it is. Even china which has banned mining and trading does not penalize possession.

The Supreme Court has struck down a ban on trading of virtual currencies VC in India which was imposed by a Reserve Bank of India order in April 2018. It would basically be. What I feel banning crypto-currency this syndicate will die of its own becoz it is undercovercrypt.

A ban could also ban investing in Indian blockchain startups. The term cryptocurrency is just a word. The worst outcome would be if the government was to say we are confiscating cryptocurrency.

Cryptocurrency isnt fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament according to an anonymous senior Finance Ministry official. Cryptocurrency a sigh of relief for crypto investors. In fact the crypto ban may have a wholistic effect on the crypto and blockchain industry that has been growing in india for several years.

If the ban becomes law India would be the first major economy to make holding cryptocurrency illegal. Hence with the current bill there is a higher chance that the law might be less extreme than the previous draft bill but some sort of trading will be possibly restricted. As per the same report this ban on cryptocurrency will affect more than 17.

India being digitally very potent it is still not known the outcome or consequences. No cryptocurrency is not banned in india in 2021. Those holding crypto assets may face a sudden shocker if India decides to ban the cryptocurrency assets tomorrow experts said.

The court in its 180-page judgment said that the ban proposed on trading of virtual currencies was not proportionate and that the RBI itself had not found any adverse impact or harm done by the activities of these VC exchanges. Banning Cryptocurrency in India or any country would put them behind from generational of the technology and would lose technological and economical growth. Srinivasan wrote on Twitter that banning crypto in India could have disastrous consequences for the countrys future as a tech hub.

The indian government is said to be levying a complete ban on crypto. It could also block Indian investors from opportunities available to their foreign counterparts. Here are the reasons why the cryptocurrency is banned in India.

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