HomeNewscoinquora.comIndia to Completely Ban Crypto, 3-6 Months Transition Period

India to Completely Ban Crypto, 3-6 Months Transition Period

- Advertisement -


  • India will finally go ahead with a complete ban on crypto investments.
  • Existing cryptocurrency investors will have a 3-6 months transition period to liquidate their holdings.
  • Cryptocurrency trading platforms in India are anxious about the government’s decision.
  • India is one of the most active crypto communities in the world.

India will finally go ahead with a complete ban on crypto investments. In particular, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ proposes a complete ban on all private cryptocurrencies in the country.

In line with this, existing cryptocurrency investors will have a 3-6 months transition period. This is when they should liquidate their holdings. “Cryptocurrency isn’t 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.

CEO of PAC Global expressed his dismay in this matter,

Moreover, this would include a ban on transacting directly via foreign crypto exchanges. However, the ban won’t be enforced overnight. Cryptocurrency investors will be given a few months’ transition time after the implementation of the new law.

India’s New Regulation to Ban Crypto

Specifically, this new law is in accordance with the groundwork of the Indian government to issue a digital currency of its own, aside from completely banning cryptocurrency-related transactions.

As a matter of fact, cryptocurrency trading platforms in India are anxious about the government’s impending decision. “If the 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.

By and large, India doesn’t have a firm regulatory framework for cryptocurrency at present. In retrospect, the cryptocurrency trading ban has been lifted in 2020. Thus, this recent development will likely affect nearly 7 million Indians who hold cryptocurrencies worth over $1 billion.

It is worthy to note that India is one of the most active crypto communities in the world, being the second biggest Bitcoin nation in Asia.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,579FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 44,268.00
ethereum
Ethereum (ETH) $ 3,223.87
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 342.79
litecoin
Litecoin (LTC) $ 139.06
eos
EOS (EOS) $ 2.67
okb
OKB (OKB) $ 23.37
tezos
Tezos (XTZ) $ 4.44
leo-token
LEO Token (LEO) $ 6.74
cardano
Cardano (ADA) $ 1.19
monero
Monero (XMR) $ 186.30
stellar
Stellar (XLM) $ 0.24027
chainlink
Chainlink (LINK) $ 18.45
huobi-token
Huobi Token (HT) $ 10.00
tron
TRON (TRX) $ 0.069558
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 114.84
neo
NEO (NEO) $ 24.79
iota
IOTA (MIOTA) $ 1.01
nem
NEM (XEM) $ 0.119609
zcash
Zcash (ZEC) $ 127.23
maker
Maker (MKR) $ 2,240.76
paxos-standard
Pax Dollar (USDP) $ 0.999824
ethereum-classic
Ethereum Classic (ETC) $ 35.23
vechain
VeChain (VET) $ 0.066531
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 47.75
kucoin-shares
KuCoin Token (KCS) $ 20.84
waves
Waves (WAVES) $ 11.80