How will the cryptocurrency ban affect investors: Crypto Ban in India

 The discussion about Cryptocurrency has intensified because the Government of India is about to bring a bill. There is talk of bringing 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' in the winter session of Parliament.

cryptocurrency ban in India

The bill also talks about creating an official digital currency, which will be issued by the Reserve Bank of India. According to the bill, all private cryptocurrencies will also be banned in India except for some currencies. This time the winter session is going to start on November 29.

What Nikhil Kamath Zerodha Co-Founder says about cryptocurrency ban?

Zerodha co-founder Nikhil Kamath has also raised questions regarding the cryptocurrency ban. He has made a tweet about this. In the tweet, he has written that what will happen if the government bans the cryptocurrencies present in circulation. A similar question is also in the mind of those who have invested money in it.

The trend of investing money in Cryptocurrency has become quite popular in recent times. In such a situation, you will find many people who have invested money in it. There is no official data available about this, but according to the industry, there are 1.5 to 20 million crypto investors in India. The total crypto holding of all of them is about 400 billion rupees.

What Prime Minister Modi says about cryptocurrency ban?

The Government of India was constantly keeping an eye on this. Prime Minister Modi also discussed this in the Sydney Dialogue last week. He said that all countries will have to take care that crypto does not fall into the wrong hands. This will have a bad effect on the youth.

Earlier, an important meeting was held under the chairmanship of PM Modi regarding cryptocurrency. In this meeting, the regulation of the crypto market and other things related to it were discussed. Now as soon as the news of the ban on it came, the value of Cryptocurrency decreased very rapidly.

In India, if the government bans it by bringing a bill, then the transaction between your ban and the crypto exchange will stop. You cannot use local currency to buy crypto. Apart from this, you cannot even get them encashed. After the ban, what will happen to the people who have put money in it is a big question. The answer to this will be available only after the introduction of the bill.

Currently, there is no regulation or ban on cryptocurrencies in India. However, its advertisements have increased a lot in some time. Film stars are also featured in this and it is said to give high return on investment.

Hundreds of cryptocurrencies are now being traded since the introduction of Bitcoin in 2008. After the ban, it will be difficult for the common people to invest money in it. However, it is believed that the government may continue to release some cryptocurrencies. You can easily buy or sell it. 

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