Cryptocurrency BAN in India? Will cryptocurrencies be banned or regulated?

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Will cryptocurrencies be banned or regulated?

India is one of the world’s fastest-growing markets for cryptocurrency trading. It’s one of the biggest in the region and
expanding rapidly. An October report from  a crypto-analysis firm, found the Indian market grew 641% over the period from July 2020 through June 2021. As a whole, central and southern Asia was the fourth-largest crypto market studied, with more than $572.5 billion in value received during that period, or 14% of global transaction value. Cryptocurrency experts believe that since a cryptocurrency lacks any inherent value or liquidity, it may prove difficult  to ban the tokens, which could be called an asset, a commodity, a currency, or even a security. According to experts,  millions of people around the world could theoretically hold such a currency, which are basically pieces of code that can’t be ‘banned’ and also agree to use it as a medium of exchange, which will then lend it value.

Amid rising concern over the serious threats to the macroeconomic and financial stability of the country, India is set to propose a new cryptocurrency bill in parliament in the winter session.

According to a bulletin issued by the Lok Sabha on Tuesday; The crypto industry is hopeful there won’t be a complete ban on Cryptocurrencies. “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,” It also seeks “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

There are a few things you should know and do:

• The bill that government wants to pass is to ban private cryptos.
• Do not get panic and wait for the proper bill to pass above this.
• Go and find the virtual currencies that you hold are private or not.
• Sell your private currencies as fast as you find the best deal.