indian government is to ban cryptocurrencies

No More Cryptocurrencies in India. Here’s Why

Indian parliament will soon be introducing a complete ban on cryptocurrencies claimed by an anonymous source has to be a member of the senior Indian Finance Ministry.

This is not a good thing for the whole cryptocurrency industry because India is the world’s 2nd largest country by popularity. According to a report by Bloomberg, while maintaining anonymity, a senior Finance Ministry Official said the following statements.

A new lawsuit will be introducing in the Indian Parliament that will ban the usage of cryptocurrencies.

The ban will not affect immediately after the announcement. Instead, the investors will be given a transition period of six months after the announcement of the new lawsuit to liquidate their investments.

However, the parliament has listed the Cryptocurrency and Regulation of Digital Currency Bill in January 2021 while in the ongoing Budget session of the parliament. It includes,

“To create a facilitative framework for the creation of the official digital currency to be issued by the RBI,” the purpose of the Bill stated. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

According to a statement by the co-founder and CEO of major Indian cryptocurrency exchange Unocoin, Sathvik Vishwanath, the local cryptocurrency industry is waiting to come out to plot its future plans.

As Cointelegraph reported previously, in March 2020, India’s Supreme Court overturned the RBI’s April 2018 ban on local banks providing its services to businesses that working with cryptocurrencies.

As you know, India is the world’s second most populated country which is the same reason that India’s actions affecting the whole cryptocurrency industry.

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