What Is The Plan Of The Indian Government Ahead Of Bitcoin Ban?

 Bitcoin is one of the most popular cryptocurrencies used for trading across the world.

With now the Indian Government giving a proposal to ban all private cryptocurrencies which cannot be monitored by the government including Bitcoin, a lot of Indian investors are now looking concerned regarding the future of cryptocurrency trading in India.

Latest updates regarding Bitcoin Ban in India:

The price of a single Bitcoin as of 16th of Feb 2021 at 8:35 PM IST is about $49,313.50 which equals Rs.35,98,048.94.

With such an increase in Bitcoin's market value, a large chunk of investors is investing in Bitcoin. But investors from India are hesitant to invest because of a future ban on Bitcoin.

Not only, in the proposal, all other private cryptocurrencies may also include Ethereum, Tether, Polkadot, etc. are to be banned from trading in India.

The initial glimpse of this proposal was seen as early as Feb 28-2019, when the Finance Ministry Committee recommended a ban on virtual currencies.

What is the Plan of the Indian Government ahead of Bitcoin Ban?

The committee also said that India will introduce its own cryptocurrency which will be an alternative to Bitcoin.

A rough estimate says that there are at least 7 million investors from India who deal with Bitcoin and other cryptocurrencies holding a value of a jaw-dropping 1+ Billion dollars.

the government has clearly stated that all investors will be given enough time to cash out their crypto assets. The proposed ban is a part of a comprehensive bill on Crypto and Digital currencies.

There is quite a high possibility that this proposal will be presented in the ongoing Budget Session 2021.

Does the proposal mean a 'Dead-End' for all cryptocurrencies in India?

Not exactly. The bill is said to have certain exceptions.

It could allow the promotion of certain underlying technologies like Blockchain Technology, where the entire process of trading, transactions, and everything else is decentralized and distributed across a large number of servers if we have to say in the case of digital assets.

In fact, technologies like this one can help in laying a foundation framework for the upcoming official crypto of India.

If we talk other than India, China has imposed a similar ban in 2017 on foreign cryptocurrencies, which may be the reason why the money of Chinese stays within China, strengthening its economy.

In the previous year, the capital city of China Beijing began to test its own cryptocurrency across 4 cities.

Thanks to the central government, India is making a major move at the right time when the whole world is shifting towards digital assets and transactions.

In fact, famous card companies like Mastercard, Visa have begun to accept payments and open their network to various cryptocurrencies.

In simple words, customers of Mastercard and Visa can send and accept payments through crypto.

More about Bitcoin:

The Multi-Billion dollar company Tesla bought more than $1.5 Billion dollar worth of Bitcoin. Not only that but it also now allows its customers to pay via Bitcoin.

With huge popularity, Cryptocurrencies are now part of the Mainstream Global Financial System.