India's ban on crypotcurrency comes with a transition period

[Josemendez]

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.

Exactly , this their strategy won't be sustainable in the long run and it will be better that they allow cryptocurrency to be used to its fullest in the country.

 

[ahmedo24]

I think we should keep our eyes on China as regards the survival rate of the digital yuan without Crypto currencies though I learnt they were able to pay workers salaries using the digital yuan on blockchain.

 

[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?

I think Indian government is the first government to out a ban on the use and trade if crypto currency and later the other country started to adopt the law painting the use of crypto currency a bad idea.

 

[Damismiling]

It's just annoying that some countries are placing ban on crypto currency and this is really affecting crypto world in general, but I believe we still have hope

 

[Alexandoy]

It's just annoying that some countries are placing ban on crypto currency and this is really affecting crypto world in general, but I believe we still have hope

You may be annoyed because you are investing in crypto coins. I am not annoyed a bit because I have no investment in crypto so I understand the reason for banning the trading of crypto. It baffles me that crypto has so many fans with the tendency of believing that crypto is a currency and not a commodity that is sold in the exchange market.

 

[Jlife]

most of the countries that have banned cryptocurrency I know have started accepting cryptocurrency and some of them are even planning to launch their own cryptocurrency,any country that is banning cryptocurrency does not want to adapt to the modern technology.

 

[BrolySSJ]

I think Indian government is the first government to out a ban on the use and trade if crypto currency and later the other country started to adopt the law painting the use of crypto currency a bad idea.

From what i have seen, it seems that india is starting to once again trade in crypto, with various exchanges even looking to open offices within the country.

 

[Jlife]

If india really want to ban cryptocurrency from their country this will have a serious effect in the crypto system because India is one of the most noticeable countries in the world that have huge investors In The cryptosystem, this will really be bad for the Indians.

 

[Aaron625]

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.

Yeah they received Ethereum from the founder I guess as the relief for covid victims , so India cant stay away from Crypto anytime in the future. People here are freely trading crypto without any worry.

 

[ahmedo24]

Yeah they received Ethereum from the founder I guess as the relief for covid victims , so India cant stay away from Crypto anytime in the future. People here are freely trading crypto without any worry.

Vitalik might have intentionally sent the donation in cryptocurrency to see if they would reject it or not , as it stands now even countries that are yet legalize cryptocurrencies if they recieve donation in cryptocurrency they will follow the trend.

 

[Aaron625]

Vitalik might have intentionally sent the donation in cryptocurrency to see if they would reject it or not , as it stands now even countries that are yet legalize cryptocurrencies if they recieve donation in cryptocurrency they will follow the trend.

Yeah it can be , but at the same time donations was required because the cases were going too high , though it has improved a lot now. Its good to see founders of Ethereum donating for both the purposes , covid relief and crypto promotion , .at the same time

 

[GIFTMICHAEL]

India, China and most other Asian regions aren't just concerned with Cryptocurrency transition anymore. They're simply restricting their citizens from trading it. But the future will determine if they'll ban it entirely or not.

 

[Richard92]

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.

India are the newest country presently noun to ban the use of the security in their country because they see it as a way of improving and increasing scam in their country.

 

[ahmedo24]

India are the newest country presently noun to ban the use of the security in their country because they see it as a way of improving and increasing scam in their country.

Please what do you mean by banning security or were you trying to say they banned cryptocurrencies. India has not Ban any cryptocurrency of recent .

 

[Ralphjoe]

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?

From my observation I think the banning of cryptocurrencies by the Indian government did not in any way affect the price of cryptocurrency by any stretch of imagination.

 

[Jlife]

If this is true it is going to affect the cryptocurrency system seriously and I think a lot of Indian big crypto investors will like to migrate to a location in which cryptocurrency is legalized, it's might favours the government but it may not favour her citizen

 

[ahmedo24]

From my observation I think the banning of cryptocurrencies by the Indian government did not in any way affect the price of cryptocurrency by any stretch of imagination.

Yeah it didn't because the number of cryptocurrencies holders in Indian was not high taking their trading volume into consideration , only few countries have such dominance.

 

[Trexxxy]

Well, I think that would depend on the percentage of people who trade hold or sell crypto in India however I don't think it is enough to upset or create an imbalance in the crypto market.

 

[Alexandoy]

I think we should keep our eyes on China as regards the survival rate of the digital yuan without Crypto currencies though I learnt they were able to pay workers salaries using the digital yuan on blockchain.

You have a good point there. Observing the precedent is good because if China survives beautifully without crypto then that means China is correct. On the other hand if China's economy would suffer then it would allow crypto again in their country unless they are really against crypto for their own reasons.

 

[Jlife]

India is not the only countries of the world that are interested in cryptocurrency because there are other countries of the world that are interested and they invest much ,as a result it may not affect the crypto-currency market to a level of serious depreciation.