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India is Planning to Ban Cryptocurrencies

Itseems that the world governments are waging war on cryptocurrencies. This might have a negative effect on the value of cryptocurrency. I would not be surprised if Pakistan also bans cryptocurrencies. A few years ago, cryptocurrencies were banned even in Pakistan. Pakistan will also ban crytocurrencies soon. This is the age of digital currencies and cryptocurrencies. I really do not know why why world governments are moving backwards.
 
India is tryinng to control the way cryptocurency is used in their own country,because of what it cryptocurency would have on their economy.
There would be a mass exodus of people using electronic and cash transaction medium for commerce.Reason for bringing their own version.
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India placing a ban on cryptocurency is a way to control the cryptocurency usage in their domain.They feel that contineous usage of cryptocurency would have a negative effect on their economy,reason for coming up with their own blockchain version.
 
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Yes it is true India is planning to ban cryptocurrency and I think this plan will be executed soon, because the India government are really serious about the ban of cryptocurrency
 
Country's are banding cryptocurrency because of fair of furd, they are afraid because the market is a decentralized market.
 
They have their major reason why the banned Cryptocurrency in their country, but I just think it's to protect their economy
 
They keep threatening with the point of banning crypto currency ,the funny part is people would find an alternative to use ,if India ban becomes fully effective ,thats a problem
 
Corning India planning on banning crypto currency. Well, I think they have the same fear of not regulating the crypto currency value like my country, that is why they are on the move to banning it so they can come up with a digital currency that they can regulate it more like a fist currency. Well, I hope their plans benefits the citizens
 
The India government can only ban cryptocurrencies but cannot take full control of it as people will still find there ways around it. Cryptocurrencies is the present and the future the earlier the government accept that fact the better for them. Crypto is here to stay.
 
If you go by Bloomberg report, India plans to ban all private cryptocurrencies in the new budgetary session that started on January 29. Earlier in 2018 also, India had banned cryptocurrency trading. However, crypto currency exchanges filed a lawsuit against the government's move and won the case in March 2020.

What India actually wants to do?

It is heard that India's Central Bank wants to go develop its own cryptocurrency. India is planning to create the blockchain version of the fiat currency.

What does this mean for the world?

The idea is still in discussion. However, this is definitely a good move for crypto investors and developers.
That is the new thing in the world now, especially for countries that their currency value is not that okay, then they decide not to make use of it again.
 
I think maybe in India the are using crytocurrences in illegal ways so maybe the government thinks that the only way to save crimes or money laundering in their various state,and the same thing is going on in our country Nigeria too,so I think the should look at this.
 
I think the reason some countries like India are having misgivings over cryptocurrency is because they are afraid it will make fiat currency obselete.
 
India banning cryptocurrency would not actually be a good news for them as cryptocurrency has bridged the gap between the poor and the rich and so the Indian government banning the usage of cryptocurrency would definitely hurt the Indian economy in a very bad and negative way.
 
The beauty of the whole crypto currencies platform is the introduction of the p2p and the system is highly decentralized. There is no way a government can ban the crypto currency can be ban and the operation can be stop. It is not possibleto stop it. So there is nothing the Indian government can do.
 
It is only going to be a boost to show the rest of the government of the world that cryptocurrencies have come to stay and it's only a matter of time before the whole world adopts it
 
They probably have their reasons for taking such a step considering the benefits attached with the blockchain technology, it's already banned now tho but hopefully things change
 
Definitely to think of it they will definitely have lots of reasons to be doing that and I think they have even done that self recently seeing the way the coins went down all .
 
As we can see most of these countries are not strict to their laws or their decisions as at January Indian plans to ban cryptocurrency but today India is embracing cryptocurrencies at a high speed.
 
I think the reason they are trying to ban cryptocurrency is because they're trying to make people to withdraw their money from investing in other cryptocurrency and invest in the cryptocurrency they are about to launch, I think this is the reason.
 
No government can impose a ban on cryptocurrencies. At most, they can restrict the transaction through official channels which they have already done directly or indirectly. Payments App like PayTm and Mobiquik have stopped transactions. I did my last transaction in April and am not about the current situation.
 
If this is to the benefit of the economy of a particular country then I can just suggest it is the right decision by the government,I don't see the need for them to ban cryptocurrency just because it is a digital currency or with no reasonable reason for that.
 

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