Cryptocurrency Ban in India: What Happens Next?
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What is cryptocurrency?
Cryptocurrency is digital currency which does not rely on a centralized bank or central authority to function. It is an open-source peer-to-peer network. It is currently in its infancy, and the amount of cryptocurrencies that exist have been likened to the number of goldfish that exist in the ocean, with each one representing 0.00000001 bitcoin. Many view it as an intriguing technological innovation, or an imminent threat, and some view it as the solution to the global financial system, and indeed the lack of infrastructure in many parts of the world. India Has Banned Bitcoin, But Will Bitcoin Survive Without India? What are the most prominent cryptocurrencies available today?
Where can I trade cryptocurrency?
There is an exchange called Unocoin, which is the largest and best known of the exchange platforms for cryptocurrency trading in India. In an interview with the reporter, Pavan Ghelani, the COO of Unocoin, was quoted as saying that their exchange has exchanged over ₹300 crore (around $46 million) worth of cryptocurrencies in the past year and they expect to top ₹5,000 crore (around $800 million) in total exchange volume by the end of the year. Why Crypto India? The largest crypto exchange market in India is projected to exceed $1 billion (around ₹6,700 crore) by year’s end and the market is projected to be $8 billion (around ₹14,500 crore) by the end of 2022.
What is the future of cryptocurrency in India?
Cryptocurrency has captured the interest of people worldwide and in the Indian market, it has been on the rise in India since very long. It became the second most valued cryptocurrency in the world after Bitcoin. The growing popularity of Bitcoin and other cryptocurrencies in India was met by the country’s finance minister in December 2018, who prohibited the banks and cryptocurrency exchanges from dealing in the digital currencies. The whole world had been watching the development of Bitcoin and other cryptocurrency since India first started considering it. Since then, the question that was in everyone’s mind was that what will happen to cryptocurrencies after India took a definite stand? Was it going to be banned by India or will they let it continue to exist?
As India’s Finance Minister Arun Jaitley promised yesterday, the RBI has issued a statement stating that cryptocurrency is not legal tender and that the Central bank will not recognize the same. In a statement issued late last night, the Central bank stated that it has found cryptocurrencies to be “primarily used for laundering illegal proceeds.” However, the Indian government is more than willing to set the stage for a crypto exchange market in the country. Currently, nine entities have been licensed by the government to be set up cryptocurrency exchanges in the country, and another 23 entities are being investigated for illegal trade.
What Happens Next in India?
Gopinath Here is what India and the rest of the world could be up against over cryptocurrencies and the ban. 1. Blockchain in India If you think the cryptocurrency ban will end crypto use in India immediately, think again. As the author said, it might take some time before India’s citizens realize that even though the ban was lifted they can no longer buy cryptocurrency with their own money. Instead, they would have to rely on someone else’s fiat currency. Some exchanges are already accepting U.S. dollars and euros, and as such you would be able to get your cryptocurrency without having to interact with the Indian government. For now, it seems like India has bought itself some time.
Cryptocurrency Ban: What Happens Next in India? Share to email Share to linkedin Share to google , Opinions expressed by Forbes Contributors are their own. Forbes Contributors are for informational purposes only. They do not constitute investment advice. Readers should perform their own due diligence and consult their financial advisor before engaging in any investment related activities. The following is a press release from an organization paying to get some publicity. Ban on Cryptocurrency Trade By Government Still Unclear – SBS Info Media Release: Press Release – SBS Info (9 February 2019)