If you’re a fellow cryptocurrency investor living in India, you’ve probably heard of the rumors that have been arising. A new note has been passed stating that they are thinking of re-introducing the ban on all cryptocurrency trading, similar to what was passed in 2014. In this article, we’ll discuss our thoughts on the future of cryptocurrency, and what the facts seem to be at this current time.
The role of cryptocurrency in India:
Cryptocurrency is an entirely digital currency that does not exist in physical form. Since it has reached popularity, thousands of individuals all over the world are choosing to invest in it and make it apart of their digital wallets. The most popular and well known is bitcoin; however, there are over 2000 different types out there currently. Including Litecoin, Ripple, Tether, and Ethereum. While it’s not the only investment method out there, it’s indeed becoming one of the most popular.
In India, it really started to take over during a cash shortage in 2016, with more than 2,500 Indians investing in it daily. It is believed that it offered a much safer way for individuals to handle their money and avoided all types of political turmoil. The bitcoin rate in India can be viewed online, so if you’re thinking of investing, make sure you check it out.
The previous ban:
In April 2014, the ban was created, stating that no financial institutions could offer any services relating to cryptocurrency. This was put into place by the Reserve Bank of India, who said it was an essential step in helping banks that could not cope with the matter. The ban was lifted two years later by the Supreme Court, causing an ecstatic reaction by all cryptocurrency investors. This was because they believed there was no real necessary reason to keep it banned, and that the country should be welcoming such new technology.
What’s happening now:
While cryptocurrency trading in India is still legal, there has been a note passed stating that they are thinking of re-introducing a ban. This time it was the Indian Government who are thinking about it, saying that they believe a legal framework will be more effective. While it has sparked some panic in the digital community, trading has continued on as usual. Many experts don’t believe anything will come of it, stating that it would be foolish to get rid of one of the biggest and brightest sectors in the entire country.
While there isn’t much information yet on what is happening with the supposed new law, it’s safe to say for now that cryptocurrency trading will continue as usual. We also know that there have also been many rumors before regarding a re-introduced ban in the past, so this could be just another phase that will pass. Only time will tell, but make sure you keep up to date with the latest news, so you know what to do next.