India may ban Bitcoin and other altcoins

China and Turkey are not alone. It looks like Bitcoin may have another black streak that will prevent the cryptocurrency from consolidating at $42,000 and going into a bullish trend. Another country is considering a complete ban on Bitcoin and other altcoins, the operation of cryptocurrency exchanges. India is thinking very carefully about banning Bitcoin and other crypto-assets.
Indian Finance Minister Pankaj Choudhary said that no final decision has yet been made on how cryptocurrencies will be regulated in India in the near future and whether Bitcoin and all other cryptocurrencies will be banned in the future. So far, a special high-level government committee on the issue has not yet been set up.

India may ban Bitcoin and other altcoins

In hindsight, two years ago an inter-ministerial committee proposed banning Bitcoin and other altcoins in India, which would criminalize trading, hoarding and mining in India.
The world-renowned Reuters agency notified that India will soon be ready to pass a law regarding the fate of Bitcoin and other cryptocurrencies. Also, India's Finance Minister Nirmala Sitharaman mentioned that so far it is still just talk, because India wants to move with the times and a complete ban on Bitcoin - not the path that wants to move highly developed country.
In June, The New Indian Express newspaper wrote in the headlines that the Indian government had softened its attitude toward crypto-assets, and the Reserve Bank of India ruled in June that the bank had major concerns about adopting cryptocurrencies in India and gradually replacing fiat.
India, like China, does not want to host a currency that cannot be controlled. It is creating its own digital national currency, like the digital yuan in China, which will use blockchain technology. So we can assume that Bitcoin is not good for the country and they will want to get rid of it in the very near future.
FX24

Author’s Posts