Possibility to Ban Cryptocurrencies From India

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The Government of India has reintroduced the issue of prohibition designed for cryptocurrencies. According to the report of Bloomberg, the Council of Ministers of India started to prepare a new bill to enact this.

India wants to put a restriction on cryptocurrency transactions in the country and to ban cryptocurrency trading. According to sources cited by Bloomberg, the Indian cabinet will consider the bill in a short time and it will be submitted to the parliament afterwards.

It is reported that the ban that the government will impose on crypto currencies will cover trading transactions. In response, the government aims to carry out research on blockchain technology and digital currencies and continue to develop the local sector.

Will Affect 2 Million People

While the ban issued by the Central Bank in India was lifted just a few months ago, a new ban has now been brought to the agenda. A ban on cryptocurrency trading in India is expected to directly affect 1.7 million people.

The Central Bank of India made a similar decision in 2018, banning the trading of cryptocurrencies. Cryptocurrency users in the country have won the legal struggle for years, and this banning decision by the Central Bank was overruled by the Supreme Court in March 2020.

According to research by TechSci Research, the volume of cryptocurrency in the country has grown five times after this decision. Meanwhile, companies like Paxful and WazirX have started to earn much higher amounts of revenue than usual. It can be said that a new ban decision to be taken in the country will also affect these companies.

See Also
Top 10 Countries That Have Adopted Cryptocurrencies

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