05/08/19 10:00 UTC-4

What effect can the ban of India have on cryptocurrencies

Ban on cryptocurrencies in India
Ban on cryptocurrencies in India

The recently introduced cryptocurrency restrictions in India, published in the report of the interagency committee, can significantly affect the cryptocurrency community as a whole. The ban on cryptocurrency in India is almost inevitable.


Ban on cryptocurrencies in India

There is no doubt that the restrictions introduced will be a serious blow to the Indian crypto economics and it is likely that a general ban will also have consequences for the global cryptocurrency industry. This will especially affect the development of blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
and dapps projects.

According to the latest cryptocurrency news, back in April 2018, the Reserve Bank of India (RBI) banned banks and financial institutions from conducting operations with cryptocurrencies, which made cryptocurrencies based in an Asian country very difficult.

A year later, government departments began to discuss a bill proposing a complete ban on the use, tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
, and ownership of private cryptocurrencies, while in July the Department of Economic Affairs confirmed that the government was really considering the possibility of such a ban.

The government also promises to introduce a law on imprisonment for up to ten years and fines of up to 250 million rupees (13.2 billion dirhams) for those who violate the terms of use of cryptocurrencies.

Kunal Barchha, CEO of the CoinRecoil crypto-exchange, reports that the introduction of the ban is only a matter of time, and most likely the ban will have a very negative impact on cryptocurrencies in general.

Bitcoin, Ripple and Ethereum would be among the affected cryptocurrencies if the ban came into force.

Vikram Pandya, Program Director at FinTech SP Jain School of Management in Mumbai, says digital currencies in India have begun to lose popularity due to a lack of government support.

He says that "many exchanges have stopped working over the past few months, citing reasons such as unsustainable operations and an unfavorable regulatory environment".

What effect can the cryptocurrency ban of the Indian government have on cryptocurrencies in general. Recall that the Prime Minister of the Russian Federation, Dmitry Medvedev, instructed the Ministry of Finance and the State Duma to consider and adopt a bill regulating cryptocurrencies before November 1 of this year.

Editor: Godfrid Brower

See also: "Crypto-hacking activities in North Korea reached $2 billion"

#ban #India #cryptocurrency #bill



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