Can Cryptocurrency Be Banned In India
On February 28 2019 the Finance Ministry committee recommended a ban on cryptocurrencies. In 2018 RBI imposed a ban on banks from facilitating cryptocurrency transactions which kept the Indian Cryptocurrency industry in turmoil.
Rbi Banned The Public From Using Cryptocurrency In India Cryptocurrency Bank Of India India
More so it also drafted a bill banning all crypto-related activity in the country.
Can cryptocurrency be banned in india. Every inclusive prohibition on cryptocurrency will presently exhibit a requirement of alertness about the industrially authoritative cryptocurrencys optimistic outcome on Indias economy. However India does not have a regulatory framework to govern. The Indian government should not make illegal the utilization of cryptocurrency indefinitely.
The ban was overturned by the judgment of the Supreme Court of India given on 4rth march 2020 in the case of Internet and Mobile Association of India v. India is considering new regulations that would ban cryptocurrency in the country penalizing anyone who holds buys or mines bitcoin and other digital currency Reuters reported citing unnamed. In 2017 the most popular crypto-currency Bitcoin was increasing rapidly.
Please dont panic the report by the inter-ministerial committee IMC is just a recommendation which has to go. The virtual currency means cryptocurrency is illegal in India. If the ban becomes law India would be the first major economy to make holding cryptocurrency illegal.
Residents of India are allowed to own Bitcoin or other crypto tokens. However the problem is that access to many cryptocurrency exchanges is restricted in India. Earlier the government had intended to come out with a bill to ban all kinds.
Only a digitalcryptocurrency proposed to be launched by the Reserve Bank of India RBI will not be banned. And also suggested that India needs to develop a digital rupee. Introduction of a policy which holistically considers the benefits and drawbacks is the need of the hour.
Our finance minister herself has called for a calibrated approach to cryptocurrencies in India and given that we have over 15 crore crypto users in the country contributing over 2 billion to our economy it is unlikely that cryptocurrencies will be banned in India Shetty told News18. Even China which has banned mining. Heres all you need to know about proposed Cryptocurrency Ban in India.
Cryptocurrency may not face a complete ban in India as a report indicates that the government is likely to set up a panel of experts to study the possibility of regulating it. India could well ban Bitcoin and other cryptocurrencies with the passing of the Cryptocurrency and Regulation of Official Digital Currency Bill. With a view to making money lots of Indians started investing money at that time.
Here are the reasons why the cryptocurrency is banned in India. Cryptocurrencies are not illegal in India. However the existing cryptocurrency holders in India will be provided an exit opportunity to sell their existing cryptocurrencies.
Thus the looming possibility of foreign investors being allowed to invest in the Indian digital currency while the freedom of Indian investors to invest in foreign cryptocurrencies is essentially curbed leaves room for further complications. On 3 January 2009 when the Bitcoin network came into existence the same day it also came into India but its existence become more popular in the country when In 2018 the Reserve Bank of India banned all the private cryptocurrency by saying cryptocurrencies cant be treated as currencies as they arent existing in a physical form like. So if you want to buy lets say Bitcoins you can do so and start trading in it.
Cryptocurrency itself is NOT banned in India. Crypto is not banned in india. Reserve Bank of India 2020 SCC Online SC 275 observing that since Cryptocurrencies are not banned in India and pose no discernible risk the deprivation of Cryptocurrency exchanges from accessing banking and payments channels would be disproportionate.
That makes it hard for some people to own or trade Bitcoin.
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