Crypto Currency is facing huge ravage in Indian Market due to its new regulations. If you are living there, And owning a Bitcoin Or if you're curious.... here's what you need to worry about. crypto currency is on the verge of ban in INDIA.
If you want to know more about Cryptocurrency and NFTs...
If you want to know more about Cryptocurrency and NFTs...
Well, Bitcoin and other Cryptocurrencies are not all Fairy Cinderella to be precise. They have their fair share of fraudulent scams going around them. Before getting into why it is on the verge of ban in India... Let's have a convoo about what are the negative effects of Cryptocurrency.
Why BITCOIN should be BANNED?
- No Legal Protection. Your Money is not protected by any Government. It do not come under any Government. Bitcoin is on its own. That's why All the Governments sre fearing the Bitcoin and other Cryptocurrency rise.
- Crypto Winter: Experts are predicting a massive fall of Bitcoin up ahead. All the value of Cryptocurrency may come to fall. The state can last up to 2-3 months. And of course it is going to raise after.
- Bitcoin is a decentralised block chain. It cannot be hacked. But many scams and frauds have happened in the past to raise eyebrows on this.
- Fake Claims by some companies. Some fake companies and payment gateways making the use of greed of some customers by acting as a beautiful cesspool.
- Government cannot bring your money back. If you lose money by Investing or by getting involved in fraudulent scams, You Are On Your Own!
- High Voltaility Of Bitcoin. The Bitcoin value fluctuates alot. It's meteoric rise of the value has made many persons say it is a Ponzi scheme, where first investors will get profit and later Investors remain in Huge losses.
- To conclude with one of the main reason why it is getting banned.. *coughs* Bank's Jealousy *coughs*. You read it right! If we use Bitcoin we do not need any third-party involvement in it.
- The Government cannot know the transactions details of other side as it remains anonymous.
Why India is imposing ban on Bitcoin?...
The above negative effects of Bitcoin sums up pretty well for any country to ban it.
Indian Government On Bitcoin
The Bitcoin and Cryptocurrency discussions are here and there, but RBI took the first big step in banning the usage of Bitcoin in April 2018. Let's see a timeline of the things.
Timeline of Bitcoin Ban in India
- In April 2018, in the view of frauds happening in cryptocurrency transactions, RBI(Reserve Bank Of India) gave a clear cut statement to All Banks and other regulated entities to stop using the Bitcoin and its other pals.
- In March 2020, Supreme Court of India revoked the RBI statement on banning Bitcoin and other Cryptocurrencies.
- Supreme Court cited it is not illegal to use Bitcoin or to have a hold on Cryptocurrency. But continued saying it is unregulated.
- The Crypto Crowd in India Fights back, despite all the threats by the Government and imposing ban, Indian Crypto Crowd holds $1.5 BILLION(100,000 Crores) in Cryptocurrency Industry.
- The volume of Crypto shares are swelling Upto 8 Million.
JAIL TERMS Proposal in 2019
- In 2019, A Panel proposed Imprisonment Of Jail Upto 10 Years for anyone who possess or mine or transfer or deposit or deal or issue or generate. Take a breath!
- It is yet to be confirmed whether the official bill includes this or not.
- Or in place of Jail, they may include Fine or BOTH.
Cryptocurrency and Regulations of Digital Currency Bill, 2021
- In 2021, Supreme Court of India has asked to prepare a draft on Cryptocurrency and Regulations of Official Cryptocurrency Bill.
- There are Discussions RBI is going to launch its own Digital Currency which is backed by Central. No prizes for guessing Why?!
The Proposed Law
"The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will prohibit all private cryptocurrencies and lay down the regulatory framework for the launch of an “official digital currency”, was to be introduced in Parliament’s Budget session, but was held up as the government continues discussions with stakeholders"
FIAT Currency don't have fluctuations as Bitcoin and Cryptocurrency. But RBI is being open-minded to open Digital currency in view of future.
Some Officials said they believe the Block Chain Technology is the future. But they will ban Private Crypto Assets which has no regulations, which in turn harm the Crypto share holders. A secure Digital Currency is the backbone of virtual currency which could revolutionise the International Transactions.
Here's what Crypto Exchanges have a say in the light of Bitcoin Ban in India!
Zebpay " Despite the news of Ban, the voume of exchanges per day in February 2021 is more than the volume of exchanges in entire month of February 2020."
Bitbns "Money Inflow and user Registrations are 30 times more than a year ago."
In March 2021, in the event of Tesla Payment through Bitcoin, Indian Government in the view of Indian companies should not fall back, it says the corporates must disclose any profit or loss in the Cryptocurrency transactions.
After the Elon Musk tweet about Bitcoin, it's value shot up to $60,000.
In Summary For Lazy
For those Lazy People who came here by straight scrolling down without reading a bit, here is what you need to know..!
If BANNED! What about the Current Crypto Holders?!?!
Well, Don't worry! RBI told that they will give a time frame of 3-6 Months prior to the BAN, to be able to Liquidate the Crypto. After that, Penalising Starts!
Will Bitcoin get Banned?!?
I am not the Government. I don't know! (It won't)
Will RBI release it's own Digital Currency?
Maybe, probably, Most Likely, Perhaps, presumably! ( THEY FUCKIN' WILL)
Why BITCOIN should be BANNED?
Go To The Top and Read.
Are you tired of Writing the word Bitcoin?
I AM.
In my opinion, Digital Currency is the future even if the American President agrees or not! But private Crypto assets which are unregulated are definitely the one's to raise the eyebrows.
This Article is to the best of My knowledge.
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