Cryptocurrency ban in India!

Cryptocurrencies in India are going to be banned as per the Indian government to introduce Digital Currency Bill in the parliament. 

Cryptocurrency has approx 100 million investors in India in just the past 2 years after the supreme court removed the ban from the cryptocurrency. Now Indian Government and Reserve Bank of India are thinking to ban all the private cryptocurrencies in India and launching their own crypto as it is decentralized and is used in illegal things like drug dealing, terrorism, cybercrime, and all the other crimes. 

Earlier this month a high-level meeting was done on Digital currencies in which the Indian Government has raised the issues like fraud, cybercrime, terror funding, and money laundering. Keeping in mind that Government will not lead terrorism in the country will ban it as early as possible.

Reserve Bank of India

RBI Governor Shashikanata Das showed his chariness about the unregulated growth of cryptocurrency in an event and said "On crypto...we have serious concerns from the point of view of macroeconomic and financial stability. How the issue has to be dealt with - we have given our detailed suggestions to the government; as far as I know, the matter is under the active consideration of the government, and the government will decide" also RBI is planning to bring its own Digital Currency in the market as per the popularity and public interest in the Digital currencies. 

Crypto Exchanges

Currently, in India approx 12 to 15 Crypto-INR are working in the market will have their empire shut down after the official ban on all the private cryptocurrencies. In the upcoming days, Exchanges will have to face a very bad situation in the same way they came into existence.

Cryptocurrency Mining

The mining of cryptocurrencies will also be discontinued as per the upcoming ban on Digital Currencies. Some of the research has found the negative effects of crypto mining on the environment. Crypto mining needs a high amount of power consumption for running heavy computer systems. According to Digiconomist's Bitcoin Energy Consumption Index, Bitcoin has such an impact on the environment (118.9TWh/year)

Cryptocurrency World

A few days back the Republic of China banned crypto mining and all digital currencies. Most of the countries have not legalized crypto yet however many countries have made crypto legalized and made Bitcoin ATMs in countries in Europe like Spain has 158 Bitcoin ATMs. Where you can purchase bitcoin through cash.

Prices of cryptocurrencies will surely be falling down as this news will spread in the market.

Follow Digital Scroller for regular updates.

Get posts notification to your inbox