India Cryptocurrency Ban: India is on the verge of banning cryptocurrencies including Bitcoin
This time, India is moving towards banning cryptocurrencies including Bitcoin by law. If the transaction of Bitcoin is proved, the section of criminal offense is also being added in this bill.
If the bitcoin transaction is proved, criminal section is also being added in the bill
New Delhi: India is moving towards banning cryptocurrencies, including Bitcoin, by enacting a law this time. If the transaction of Bitcoin is proved, the section of criminal offense is also being added in this bill.
The center is on track to ban all cryptocurrencies like Bitcoin and Dozcoin. Laws related to this may be passed in Parliament. Not only is it prohibited, but it is also proposed to criminalize businesses with such cryptocurrencies or exchangeable virtual currencies.
A central government official said plans to ban cryptocurrency had been underway for the past few months. If cryptocurrency is banned, then India will be the first country to criminalize this business. Earlier, China banned trading in cryptocurrencies. However, the official said that at the moment, more than 6 million people in India have invested more than Tk 6,000 crore in cryptocurrencies. Therefore, investors will be given at least 6 months before the law is passed, so that they can convert their investments into Indian currency within that time. Investors will be fined if the time limit is exceeded. Cryptocurrency transactions are on it.
In July 2019, the Reserve Bank of India suspended all cryptocurrency transactions, including Bitcoin. By sending guidelines to commercial banks, the Reserve Bank informed that no bank can transfer money to any app that transacts cryptocurrency. As a result, although cryptocurrency is not directly banned, its transactions are stopped in India. This time, the center has started the process of bringing a bill to stop cryptocurrency in a permanent way, according to official sources. And as soon as this news came out, the price of Bitcoin fell from the record height.
Cryptocurrency is not seen in reality. It only exists online. The central government considers it dangerous because it cannot be controlled. So the idea of bringing a law is going on.