India could ban cryptocurrency trading

[Michar1 1693]

According to an article by Archana Chaudhary and Siddhartha Singh published by Bloomberg, India intends to introduce the law to ban cryptocurrency trading.

This law would prohibit the purchase and sale of cryptocurrencies, as has already happened in other Asian economies that have chosen to regulate the cryptocurrency market.

The new bill would now be under discussion within the country's government and will be sent to parliament for possible ratification at a later date.

The source of this information is anonymous, and given the country's confusing approach to cryptocurrencies over time, it should not necessarily be taken as reliable information.

Such measures were already adopted by China in 2017, but they were not particularly effective, and since it is unlikely that the Indian country will be able to operate a regime of controls superior to that of China, a similar result is expected for these strict regulations.

Another thing in common with the Chinese approach is the Indian government's support for the development of blockchain technologies, forgetting that real blockchains are only decentralized and that they can only survive if they have their own native cryptocurrency.

Therefore, it is fair to assume that the path that cryptocurrencies will take in the next few years in India may repeat the path taken in recent years in China, where trading on cryptocurrency exchanges has not stopped in any way, but rather that it has simply shifted to foreign exchanges.

Cryptocurrency ban in India, the former
In addition, the Indian exchanges have already won a first battle against the government thanks to the ruling of the country's Constitutional Court that declared the previous ban illegitimate, so it is almost certain that they will continue to fight.

Another piece of information is that, since then, the volume of cryptocurrency trading on Indian exchanges has increased by 450%, showing a clear interest in these instruments on the part of the population.

For example, other Asian countries, such as South Korea, instead of banning cryptocurrency trading, have strictly regulated the activity of cryptocurrency exchanges, which continue to flourish.

Edited November 15, 2020 by Michar1

[Dedo 263]

I think that everything new shows positives that we must take advantage of and negatives that we must avoid, and what India does is to cancel everything and this is not good .. they must accept everything new and set rules that suit them because digital currencies are the future

[Magayinde 207]

Banning of crypto by these countries signals political games in the world of crypto. Crypto should be accepted worldwide for its improve service. Its affairs and distribution can thus be controlled by regulating it and making rules on it to guide such region using it

[Aroosa Malik 219]

It is unfortunate for all members from India. All other countries are going to accept crypto and the countries which are going to bann it seems like political game in world of crypto. I think this is not good. Positive things should be promoted in all countries. It is good for their public.

[M.Asif 499]

Yes india has baned the crypto currency trading in recently,I thin In 2018 government of India has bane the buying and selling of cryptocurrency but in late March 2020 the supreme court of India has unbanned the crypto currency trading. In my it's very good step taken by this country to improve economic conditions of nation as a number of people can find a source of earning and also can trade on international level.