Cryptocurrency will be ban in India. True ur false news. Why banning? What will happen?
Posted On March 16, 2021
As we know, Cryptocurrency is a Digital Currency founded by Satoshi Nakamoto. Today, there are many crypto money availble in the markets and there more to come in future. One of the example of such digital currency is Bitcoin founded in 2009. That time, it doesn,t have any value , but as we are moving forward in technology by every passing years, the demands of digital gadgets, new inventions, A.I technology, demands of digital currency is increasing. Today, bitcoin values reached upto $ 55,210.50 or Rs 40,03,633.58.
Yesterday, I was scrolling down my news feed and suddenly I found that there is “news of banning cryptocurrency” going all around. I find it very shocking. From that instant, there is so much hype created about banning cryptocurrency among traders, miners, and investors. According to the news, India is planning to pass a new bill against crypto-currency that proposes that it will be a criminal offense if you hold any crypto in your account ur you do any issuance, mining trading ur transferring any crypto-assets. The official said that investor will be given a time period of 6 months to liquidate their assets before the penalty is levied on them. You may get jailed ur get fined if you do. But, official bills have not come from the government. Its a news out of nowhere, but you know when there is a fire, there is a smoke that comes.
Its may be true ur half true. Lets see…
Why India is banning Cryptocurrency? What the reason behind it?
The government thinks that “as cryptocurrency is a decentralized medium” there is no authority to check and control crypto transactions and Govt has no control over it. It can be used for buying illegal weapons, arms, supplies ur can be used for fraud activities.
Its a good points but, I think, its only one side of the coin. Everything has advantages and disadvantages. It depends on how you used it. If India Ban cryptocurrency in India, It will lead to very serious consequences in the future. Many things and opportunities will be lost from India in the coming days. India will be in a very heavy loss in future financial market.
There is also a news coming around that india will be launching it own digital currency. but the question arises that if india is banning other crypto currency in india i.e, that many billionares, global investors, traders bussinessman are using across the world and it expect that world is going to expect india digital currency , that very difficult. I also think that if India is going to ban other crypto currency and launching its own digital currency, the rate of success depends on acceptance of digital currency among peoples in india. For that, india may bring law/bill forcing mandatory to use india digital currency more in place of other digital currency. Its can create various debates, discussion, etc etc..
I have lot to say on this topic but I should stop now. Its a never ending topic.