India's ban on crypotcurrency comes with a transition period

[Emirons]

Exactly and it's has increased the inflow of cash in the country, causing inflation which is very bad for new business owners. I think the use of crypto currency will reduces with time because of government policies

 

[Favyosy]

governments are dubious of digital currencies is because of their unknown nature. Since the public authority can't follow exchanges, the assets may be utilized to finance psychological oppressor associations. India's boycott is for various reasons. India needs to dispatch its own cryptographic money upheld

 

[Fatima]

India ban on crypto currency its because of its unknown nature of transactions, crypto currencies has no regulatory board and its has no trace. There have been high record of dubious activities goin on in the country, criminals and fraudsters make use of crypto currency because of its untraceable. The government have to put a ban on it to curb the menace in the country

The same thing just happened in Nigeria, some weeks ago, the central bank of Nigeria as put a ban on crypto currency transaction and also gave a strict warning that any bank account used for crypto exchange would be closed/ freezed

 

[Sanusi]

This is a bad news to all business men and i believe it will have a greater effect on the crypto currency market, because India had banned theirs and also Nigeria has done these same. When i heared the news so i asked my self why did they banned crypto currency.

 

[Mawome]

Well I think it will have a negative impact on crypto currency, a whole country selling off their crypto currencies, not even one or two, all the crypto, am perceiving a very bad smell concerning crypto in future, and this may lead to the down fall of Bitcoin and other currencies.

 

[Emirons]

The same thing just happened in Nigeria, some weeks ago, the central bank of Nigeria as put a ban on crypto currency transaction and also gave a strict warning that any bank account used for crypto exchange would be closed/ freezed

Well I think it will have a negative impact on crypto currency, a whole country selling off their crypto currencies, not even one or two, all the crypto, am perceiving a very bad smell concerning crypto in future, and this may lead to the down fall of Bitcoin and other currencies.

Cryptography might be a tin of the past if they don't ensure a regulatory body to govern it. Because of its increase in fraudulent activities, terrorism etc.

 

[FreshKaz11]

There has been much talk this year of India banning the use of cryptocurrency in their country and this can be bad news for many of the crypto users that are within the country and that do have large amounts in cryptocurrency or coins that they may be holding for the future. However, in a recent article, it seems that these crypto holders may be given a chance. In fact, a source at the Indian Financial Ministry says that those that are holding cryptocurrency will be given a transition period by which they can cash out their funds.

This may cause a major sell off for the Indian market and could impact greatly on the cryptocurrency market. What are your thoughts on this? Will this bulk sell off ddurign the transition period have a large effect on the market that we are seeing at the moment?

I really don't know what to say about this, because to someone people is a news they will be happy when it comes out,all because they could buy most cryptocurrency from most indian in a cheap price just because their government has ban it for them to keep. So I guess there will be so many lost for people having it over there.

 

[Shigobad2020]

There has been much talk this year of India banning the use of cryptocurrency in their country and this can be bad news for many of the crypto users that are within the country and that do have large amounts in cryptocurrency or coins that they may be holding for the future. However, in a recent article, it seems that these crypto holders may be given a chance. In fact, a source at the Indian Financial Ministry says that those that are holding cryptocurrency will be given a transition period by which they can cash out their funds.

This may cause a major sell off for the Indian market and could impact greatly on the cryptocurrency market. What are your thoughts on this? Will this bulk sell off ddurign the transition period have a large effect on the market that we are seeing at the moment?

This is still a favourable news for the people of Indian using crypto currency, they were been given transition time to cash out their fund which is good , some countries just stop it suddenly without giving people chance to cash out.

 

[Dowenship]

It seems the effect of government might affect the growth of crypto currency that's why I always tell traders that anything can happen in the nearest future which could lead to existinction of altcoins. I hope not.

 

[Mawome]

Cryptography might be a tin of the past if they don't ensure a regulatory body to govern it. Because of its increase in fraudulent activities, terrorism etc.

You are not far from the truth bro, I think what is happening now is actually leading to that! Even my country too is banning the use of crypto currency closing all crypto related accounts, it's not funny, even idia too has ban crypto currencies in their country.

 

[Billy]

I consider this as a very big mistake for India. This one will slow down the development of the country. Putting measures on technology and tech based developments is just detrimental to the overall development of the country.

 

[BrolySSJ]

It seems the effect of government might affect the growth of crypto currency that's why I always tell traders that anything can happen in the nearest future which could lead to existinction of altcoins. I hope not.

This is true. There is a lot of uncertainty when it comes to the future and use of crypto in certain countries, and while some may embrace it there are others that are completely against its use and will continue to be so in the future for a long time in my opinion.

 

[Justin]

India banning crypto currency is not a news that will surprise me. Actually, my home country, India's neighbor, has already banned crypto currency. People have been apprehended many times from trading and mining bitcoins.

 

[Akinwale701]

There has been much talk this year of India banning the use of cryptocurrency in their country and this can be bad news for many of the crypto users that are within the country and that do have large amounts in cryptocurrency or coins that they may be holding for the future. However, in a recent article, it seems that these crypto holders may be given a chance. In fact, a source at the Indian Financial Ministry says that those that are holding cryptocurrency will be given a transition period by which they can cash out their funds.

This may cause a major sell off for the Indian market and could impact greatly on the cryptocurrency market. What are your thoughts on this? Will this bulk sell off ddurign the transition period have a large effect on the market that we are seeing at the moment?

This decision by Indian government is indeed a very bad move to drive the economy back into hardship. Banning cryptocurrency is a bad thing for any country.

 

[Samuel77]

This is a surprise new news for cryptocurrency investors. And I think these can affect the global market, but at the same time many countries have ban bitcoin and it did not affect the global market

 

[Kingsley]

The crypto system is decentralized. 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.

 

[Bookwormlux]

This is far better than what my country's CBN did earlier this year. They didn't give us a transition period to cash out our earninngs.

 

[Kayzzy3]

I don't think this makes any sense because who will the Indian Crypto holders be selling their coins to to get paid in Indian rupees? How will the exchange platforms in Indian sell their bulk coins, they are better allow Crypto to exist fully.

I understand your reasoning, there is no way they're all going to sells off all their cryptocurrency holdings, the people who'd probably sell of are those who will panic.

I believe a lot of Indians will keep their assets and hope things gets better in no time.

 

[Aaron625]

I am sure India has not banned crypto , even the central banks left a positive note on crypto a few days back , so the investors can continue holding or trading crypto.

 

[ahmedo24]

I am sure India has not banned crypto , even the central banks left a positive note on crypto a few days back , so the investors can continue holding or trading crypto.

There was a year the country tried to ban it but the supreme Court didn't allow them and recently the country received donations in cryptocurrency so I don't think they will ban it.