Is Indian Government Planning to Ban On Cryptocurrency? Yes, Indian govt. has planned to ban the cryptocurrency. They have introduced a new law that will not allow any user to invest in crypto trading. Indian govt. took this decision to keep stay with like other Asian countries in the fledgling market. According to some inspection, this bill will be discussed very shortly by the federal member before sending it to the parliament.
Don’t Know What is Cryptocurrency?
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A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. ……( Wikipedia)
In 2018, the Indian govt. suddenly banned te cryptocurrencies when there was a string of frauds in the months. During then the following Prime Minister decided to ban the crypto transactions. But since then Cryptocurrency regulates association fought a case against the Indian govt. In 2020 they got success and in may 2020 this ban was terminated but now in October the govt. again trying to ban the Crypto Trading.
If the Indian govt. bans the Crypto trading then it will affect more than 1.7 billion Indian Tradings in digital assets and a rising number of companies setting up a platform for the trade, according to data research.
Instead of a ban, India needs a regulatory framework to protect uninformed retail consumers “to ensure adequate oversight of the government and the RBI over cryptocurrency businesses,” said Sanjay Khan, Partner, Khaitan & Co, a New Delhi-based lawyer who advises firms. “India can actually benefit from such a regulation to attract cryptocurrency investors and businesses.”