India is one of the biggest game players in the crypto market and I think that such a crack down would affect bitcoin a lot and we would see what happens.
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Ok ,how are they going to punish cryptocurrency Holders when cryptocurrency as a whole is a decentralized currency in which no one is capable of tracing the transaction in cryptocurrency.The Indian government will issue a law that prohibits holders of Bitcoin (cryptocurrency) both investors, traders, exchanges and miners. If this bill is passed, India will be the first country to prohibit the ownership of Bitcoin (In China it does not prohibit the ownership of Bitcoin). So what do you think will the Bitcoin Ban in India affect global prices?
You may be confident with your opinion but what if the banks start to check on the bank accounts with connections to crypto coin? The user may be arrested and brought to jail. You are doing something illegal because crypto trading is illegal. That is only the trading aside from the holding.We all know alot of persons would still secretly invest and trade on crypto currency. Recently there have been alot of countries placing ban on crypto and i guess India has become part of them.
Most of these companies do not know that despite the ban , citizens can still engage in cryptocurrency in one way or the other. They also failed to consider the effect it will have in themWell I won't blame the Indian government because they want to protect their citizens and businesses from the volatile nature of cryptos same with China. However, crypto is a force to reckon with globally. The ban should be lifted and people allowed to engage in crypto upon signing a disclaimer.
You are right in what you said, but like i said, people would still secretly trade and invest even with the risk of being jailed or accounts blocked, they would still trade now the reason is simply because to majority of them, crypto currency is all they have as a means of lively hood. Now this has been taken from them suddenly and was not replaced by the government. Many wount take it lightlyYou may be confident with your opinion but what if the banks start to check on the bank accounts with connections to crypto coin? The user may be arrested and brought to jail. You are doing something illegal because crypto trading is illegal. That is only the trading aside from the holding.