What future does Cryptocurrency Market have in India?
It is a confusion for us Indians as to what it is going to be like with our Crypto investments. The government keeps making change in statements every few months.
Sometime back there was a news
18% GST on bitcoin transactions, Centre’s plan to generate Rs 7,200 crore annually The Supreme Court, in March, set aside a 2018 circular by the RBI, which barred banks and financial institutions from providing services related to cryptocurrencies.
Then again recently there is news few days ago
India’s government plans to introduce a bill in the country’s lower house that would ban private cryptocurrencies such as bitcoin and create a national cryptocurrency.
India has not been able to take any stance on the Cryptocurrency, I do understand it is not a simple task, but then the uncertainty leaves the people clueless as to, if they can go ahead with investments or not. In 2018 also there was a lot of noise on the Cryptocurrency regulation, where it was announced that India plans to introduce law to ban Bitcoin, and other private cryptocurrencies and a 10 years of jail time was proposed for offenders.
After this news I remember there were a lot of Indians who withdrew even from Steem then, and the reason was that they were unsure about the future of Crypto in India and would not want to take risk.
Even when I speak to my friends it is the same sentiment, that it is illegal in India, though there has not been any law passed as yet and everything is in proposed state. But then for how long will this confusion exist. Will India ban the cryptocurrency and create its own cryptocurrency. If they do it also, how will they regulate it. All a big question.
Well, I do not think India acceptability or unacceptability is going to impact the price of BTC in any way, there are many bigger whales out there, and I am sure as usual there will be some way out for these ones in power to play around with the laws and keep the laws going in only for the common man. As it is the big whales do have their business set up even outside India so for them it would not be difficult to trade from another country.
Also, in my groups I hear a lot of people saying that if this bull run gives them a good return, they may think of leaving India and settling in a place which is more user friendly to Cryptos and build up their wealth, rather than living on the terms and conditions of the Government. It is surprising that people are thinking at this level also, and which clearly proves that they see that this is a good opportunity for a common man to come up with their wealth and make some good savings for their future generations as well.
Way back when Internet was introduced it went through the same dilemma, and then gradually the whole world welcomed it and adapted to it and now our lives revolve around it. Will Crypto see a similar future?
This is a question to my Indian friends. What are you thinking on the use of Cryptos. If Govt. bans it completely how are you going to deal with it, and which then means also the blogging income will not be lawful as per the norms. Do share your views with me on this.
Thank you for visiting my blog. 👼🏻👼🏻💖💖🌹🌺🌸
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