Indian government community suggesting to bringing new bill and bringing law to banning cryptocurrency. ever since February 2021 multiple sources confirm that there is discussion going on in the parliament of India. However, this may be the worst news for Indian trader and considering recent growth in number of traders, it will definitely impact current bullish run of Bitcoin and altcoins. as back in 2018 RBI announces complete banned on cryptocurrency and also circulate notice to banks. Following new law all banks stopped crypto related payment and person who hold or buy any crypto will get 10-year jail as a punishment.
In first discussion over Bitcoin and cryptocurrency bill cabinet minister asked finance minister about “companies dealing with crypto”, as minister answer back with “I don’t have any information about it”. in bill it clearly mentioned that private cryptocurrency will be banned, initially people thought they may consider to banned privacy crypto for e.g., Monero, Zcash and other. government title Private crypto given to those crypto assets who not issue by any government or central entity, that indicate there will be complete banned on cryptocurrency.
In second discussion finance minister Anurag Thakur says RBI dose not have legal framework against crypto regulation, and he also added new bill be finalised and will be sent to cabinet soon. However, regulation word is big relief for Indian investor but government decision still not predictable and in 1-month new bill may gets finalised.
In 2020, Crypto trading re-start in India following supreme court decision. ever since banned lifted Indian investor flooded to invest in bitcoin and cryptocurrency. in this wave new trading platform like CoinDCX, WazirX, Bitbns and other top exchange see huge growth in website traffic and number of registered users. as per report WazirX CEO Nischal Shetty Indian owns over 7500+ Crore worth crypto owned by over 7 million users. however, more user will be counted as there are more than 10 trading platform currently active in India.
Banning crypto in India will definitely biggest mistake by ignoring highly developing Blockchain technology. looking at situation we could see Indian not considering Crypto as currency and even asset, utility. As they did same mistake with gold as they denied to digitalization of gold, so similarly India will reach to at one position where it will be very hard to chase blockchain technology-based innovation. most of you know capabilities of Blockchain in terms of security, smoothness payments and even decentralized approach that will definitely reduce scams and frauds. We know blockchain has made cross-border payment faster, scalable, cheaper and secure.
Recently Tesla a biggest electric car manufacturer company has invested $1.5 us dollar in Bitcoin, as company owned by world richest person Elon Musk is reason behind this investment. we know Elon Musk continue teasing to work on blockchain technology on his twitter handle, as with the investment he willing to start accepting payment in cryptocurrency. MicroStrategy biggest investing expert firm also bought bitcoin for their investor, as many companies who yet to disclose their investment in crypto. rumours claiming that Apple expected to invest big amount in Bitcoin that again will be definitely gets huge publicity and help to attract new investor.
Daily we have hearing news report about blockchain adoption, as automobile, mobile companies, cloud storage, oracle, data storage, finance, IoT and more considering blockchain to bring payment and security. So, definitely Blockchain will be biggest technology in the world and will regret this decision.
WazirX CEO and Indian crypto supporter also trying their best to bringing something positive for investor. as with hashtag indiawantscrypto Indian crypto community has started campaign with portal indiawantscrypto.net where user sending mail parliament of India. as per report million of people already joined this initiative and expected to gets maximum support from more users.