Cryptocurrency Ban in India Latest News, What If India Bans Circulation of Crypto?

Cryptocurrency Ban In India Latest News 2021 has been circulating on the Internet. The moment announced that soon in the Parliament Union Government will Introduce a new bill on Digital Currency and Cryptocurrency. While some expert says that India will be among those countries which will Ban Cryptocurrency to some are assuming that government will not put ban them. To some extent, we also think that government will put some restrictions on Cryptocurrency and not a ban. Let’s check out more on Cryptocurrency Ban In India and the new law to be implemented in the next few weeks.

Cryptocurrency Ban in India Latest News 2021

By Now, 10 crore people have already invested in Cryptocurrency. However, the ban on bitcoin or Crypto is just not limited to India there are many other countries that have totally put the ban. While we will name them in this article too. We also want to put light on the fact that there is not one digital currency bitcoin but also many, which are not so famous. The ban on Crypto in India is to bring a set of frameworks to regulate it in a certain way. Also, this can also bring the fact that India might come up with its own Cryptocurrency.

Latest Update>>> The Government Of India is palling to ban or regulate Crypto through Bill. Now the New Cryptocurrency regulation related update can given by this budget session.

Name of the articleCrypto ban In India
Bill to be amendedBy November 29, 2021
AuthorityUnion Government of India
Name of the CryptocurrenciesBitcoin, litecoin, dogecoin, Cardano, monero, tether, XRP, Stellar, EOS and many more
Number of Investment done till date in CryptocurrencyMore than 10 crores in India

As the news of Ban on Cryptocurrency in India is not clear till now, many experts are questioning the upcoming proposed Bill on Digital Currency by the government. The main question will be how far this bill blockchain for the use of Cryptocurrency in India? The various Crypto exchange is little bit afraid if the government ban cryptocurrency, what the next steps. There are still no clue what will be the next update or move of government, RBI in crypto bill in India.

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What if India Bans Crypto Circulation?

If in case India does not an exempt cryptocurrency but directly bans it, then it will be a total downfall in most of the cryptocurrencies. Many countries like Canada, China, United Kingdom, France, Turkey.

Canada: Cryptocurrency is not in the legal tender of this country. However, because of foreign exchanges, the involvement of cryptocurrencies like bitcoin is still going inside the country trade.

China: One of the strict countries in terms of cryptocurrency. Earlier China was the first one to wind the popularity of cryptocurrency in the world but soon ban it. With repetition restrictions for the use of digital currency within the country now the government has given the ultimatum. If any citizen is found its involvement in the cryptocurrency trade then they will be trial legally.

Same as these countries there are many other countries that have banned digital currency and now India will be one of them.  

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FAQs around Cryptocurrency Ban in India

Will India exempt the laws on cryptocurrency or ban it for a lifetime?

The air is not clear till now about the Ban on Cryptocurrency in India. Whenever the bill will be passed in the parliament, then only we will be liable to make any statement.

Will India puts a ban on all private cryptocurrency?

Yes, as per the sources India will soon out ban on it.

Will India announce its own cryptocurrency?

This is not sure that will India announce its own cryptocurrency or not.

Will citizens of India be able to invest in Cryptocurrency or not?

After the ban citizens will be restricted from any trade that involves cryptocurrency.

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