India's ban on crypotcurrency comes with a transition period

[Chibson]

The citizens of these countries that banned cryptocurrencies has to be using it and also trading it but I think it is only for financial institutions.

 

[Jlife]

Indian banning then use of crypto currency in their country is no news , many countries now like Nigerian government too has put a ban on the use of crypto currency and its affecting the co users one way or the other.

But the Nigerian government are not punishing cryptocurrency holders, there was a new here on bizdustry that says that Indians government are trying to punish anyone that is caught holding or saving cryptocurrency.
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India is yet to ban cryptocurrencies I think they were deliberating on whether to ban it or not when the original poster created the topic. If they did ban it, people will still find there way around it.

I think it can be dangerous if they completely ban the usage of cryptocurrency over there, I believe they might punish anyone who is trying to use VPN to access cryptocurrency exchanges and wallet in the country.

 

[Nomad]

India couldn't ban crypto currencies because the court overturned the ban. However, India might ban privacy coins like monero citing the security issue. This had been in news recently

 

[Man]

This would be a very good move by Indian government to save good hard earned money of the citizens. In the current version the cryptocurrencies are not actually currency as they are not regulated but more like a commodity gold or shares, their prices are decided by demand and supply ratio. Things like crypto to be used as standard currency for next many many years needs to have a stable value, hindrance to be used for fraudulent activities and easy availability.

 

[Emmy]

It's good for Indian government to give transition period to crypto holdlers in her country. Though it would affect the price of coins in the market but I'm happy their government is considerate a little.

 

[Lens]

The cryptocurrency market in India will be greatly affected and this will impair drop in the cryptocurrency price. Cryptocurrency Demand and supply will be greatly affected and this will drift the price of cryptocurrencies specifically in India. There are lots to study on the cryptocurrency market disparities across countries.

 

[mcjerry]

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.

crypto currency wallet holder will never have problem of selling and buying there coin. Because here in Nigeria also that we are banned from using crypto currency but we still buy and sell our coin. I can say that crypto currency is our most prefer payment gateway

 

[Kelly5]

Indians ban on the cryptocurrency transaction in their country makes no much difference and impact on the prices of cryptocurrency globally. These laws apply only to India

 

[ahmedo24]

In the recent , there is no ban of cryptocurrencies in India any more , the country now support cryptocurrencies fully and more exchange plaforms are been launched.

 

[Hena101]

I really dont like india banning crypto currency because most people actually trade online ,since there is lockdown and most people actually earn profit from crypto as well , so banning crypto cuerency actually cause many issues i think , and this is actually not cool , i just hope people could get an alternative because this would affect the crypto market i think

Of course this is very bad because there are people that depends entirely on it for their survival and now it's ban this will really effect them negatively.

 

[Shigobad2020]

India will go ahead with a complete ban on investment in cryptocurrencies via domestic and foreign exchanges, after giving investors a transition period of three-to-six months. The full contents of proposed cryptocurrency bill are not in public domain.

The complete ban is inevitable , I think the countries putting ban on the use of crypto currency by their citizen are actually scared that the use of crypto currency might talk over their normal currency,

 

[Sotherefore]

A lot of countries are even trying to adopt cryptocurrency while some country are trying to bann it,to me I don't see anything wrong with cryptocurrency because it does not have any negative effects on the economy of a nation.

 

[Oliver4smile]

Surely it will have a great effect, the effect will be two sides, positive for some and negative for some. I just hope the ban do not become effective because many people over there in India depends totally on crypto trading.

 

[Bousine123]

I consider it a really unreasonable act for government institutions to carry out such acts. My government did such a thing but they have created their own e-currency now.

 

[Aaron625]

I consider it a really unreasonable act for government institutions to carry out such acts. My government did such a thing but they have created their own e-currency now.

Our government too has plans to create their own cryptocurrency, but it just taking so long and they are not so serious about blockchain technology. Only the young enthusiasts of crypto are considering start ups on various crypto related companies.

 

[Senator]

As far as I'm concerned about the India ban on cryptocurrency trading, this can only affect the Indian cryptocurrency market as a lot of citizens will want to sell off their cryptocurrency assets to avoid loses. This does not affect the general cryptocurrency prices globally

 

[Sincerem]

Thanks to Indian judiciary coming to the rescue stoping the reserve Bank of India from carrying out such kind of law against cryptocurrency, like banning it.

 

[Elfinito]

India ban on crypto didn't cause a lot of effect because India never had a bitcoin whale.
The only country which it ban has affected crypto has been China because China had one of the biggest Bitcoin whale

 

[Ub40]

I want to say that this is not a good news at all for investors and traders of crypto coins in that country. I don't know why all these government have decided to fight cryptocurrency. I can't really say if the massive sell off in these countries will affect the price of coins. Maybe and maybe not. It is just my take.

 

[Kingstone]

It's a good thing that they are given some time to sell off their Bitcoin and cash out in their local currency. Now they will not blame anyone again if they fail to sell on time. Still, it is not a good decision but I hope they know what they are doing