India's ban on crypotcurrency comes with a transition period

[BrolySSJ]

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?

 

[DareIsrael]

This is not a pleasant news for crypto currency investors. Do you think this might lead to a slight fall in the crypto currency market because imagine an entire country selling their coin within the span of a month?

 

[ahmedo24]

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.

 

[Zevin]

It is speculated that India is banning private cryptocurrencies. I don't know what it means by private cryptocurrencies. But then India had banned cryptocurrency in the past, therefore, if it happens again, it does not come as a surprise. When India bans cryptocurrency, I believe the price will start going down.

 

[Ehizzy1]

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

 

[Eodine]

I guess due to the large population and rise in crime, the Indian government wants to ban crypto currency no wonder other countries with large density are considering it too. If India were to ban crypto, and allow investors cash out funds once it will affect crypto market as demand and supply affects crypto currency.

 

[Jumoke12]

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?

thank you very much for this post. I must confess that going through everything you have written up there, I am indeed blessed to have learned such thing from you. Thank you so much for taking your time to compile all the above just for the purpose of enlightening us. Thank you

 

[Ralphjoe]

It will really have a very bad negative effect on the cryptocurrency world because a lot of Indians will be selling off all their coins and we know that once there is a large and bulk sales of cryptocurrencies, their prices will definitely drop down.

 

[BrolySSJ]

It will really have a very bad negative effect on the cryptocurrency world because a lot of Indians will be selling off all their coins and we know that once there is a large and bulk sales of cryptocurrencies, their prices will definitely drop down.

There is a large cryptocurrency community in India and there are many that I have see on these various platforms that are actually from these regions. However the fact there is a transition period, may be considered to be a good thing for those crypto users as they could still have the chance to reclaim their profits. But as you have said, for the overall crypto community globally, this can have a large effect.

 

[Lyrrex]

I guess due to the large population and rise in crime, the Indian government wants to ban crypto currency no wonder other countries with large density are considering it too. If India were to ban crypto, and allow investors cash out funds once it will affect crypto market as demand and supply affects crypto currency.

 

[Zevin]

One of the major reasons why governments are suspicious of cryptocurrencies is due to their anonymous nature. Since the government cannot track transactions, the funds might be used to fund terrorist organizations. India's ban is for different reasons. India wants to launch its own cryptocurrency backed by the central bank.

 

[KvngMurphy]

One of the major reasons why governments are suspicious of cryptocurrencies is due to their anonymous nature. Since the government cannot track transactions, the funds might be used to fund terrorist organizations. India's ban is for different reasons. India wants to launch its own cryptocurrency backed by the central bank.

Exactly and plus the fact that they don't get charges via VAT on each transaction with crypto currency pises them off. I'm not sure that would last anyway because in a very short while from now, electronic currencies will be used as a medium of purchase in many stores Nationwide

 

[BrolySSJ]

One of the major reasons why governments are suspicious of cryptocurrencies is due to their anonymous nature. Since the government cannot track transactions, the funds might be used to fund terrorist organizations. India's ban is for different reasons. India wants to launch its own cryptocurrency backed by the central bank.

This does not make sense to me. If you are wanting to release your own crypto and digital currency then shouldn't they be encouraging the crypto network to try and get people more interested and invested into these online currencies? This will make it a lot easier for them to then try and implement their own currency and to have a good reception for it as well.

 

[Zevin]

This does not make sense to me. If you are wanting to release your own crypto and digital currency then shouldn't they be encouraging the crypto network to try and get people more interested and invested into these online currencies? This will make it a lot easier for them to then try and implement their own currency and to have a good reception for it as well.

Well, I am not an expert. I am just assuming. They are saying private cryptocurrencies will be banned. I do not understand what exactly they mean by "private cryptocurrencies." I think they are trying to launch a digital currency similar to digital yuan. India's cryptocurrency will be just a digital version of the fiat money.

 

[Yasmin]

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.

 

[solalal36]

Terrible and unpleasant news. What is wrong with Nigeria and India, both countries need to open their eyes. Even Kenya is planning to make Btc one of their base currencies. United kingdom and united states of America have legally integrated cryptocurrency into their system. Why can't we just quit being Shallow minded for God's sake

 

[Emma19]

India banning the use of crypto currency is not a new deal because this has happened before. But the bad news now is that a lot trading would have been beneficial since India has a fast growing economy for IT, engineering e.t.c payments of trade would have been easier.

 

[BrolySSJ]

Well, I am not an expert. I am just assuming. They are saying private cryptocurrencies will be banned. I do not understand what exactly they mean by "private cryptocurrencies." I think they are trying to launch a digital currency similar to digital yuan. India's cryptocurrency will be just a digital version of the fiat money.

A digital version of the fiat currency will be a good idea if you have other digital currencies that it can be traded in relation to, which will involve the need for cryptocurrency exchanges and many other platforms that utilize cryptocurrency in order to ensure that they are able to effectively utilize it. Banning crypto may put a dampening on the digital currency that they want to have of their fiat currency.

 

[Emirons]

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

 

[BrolySSJ]

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

This is the concern that many countries have when it comes to the adoption of cryptocurrency but in the economy because they are unable to track its usage and as a result it can be used for illegal activities which can negatively impact the country as a whole.