Post
Topic
Board Bitcoin Discussion
Re: Is INDIA going to BAN Bitcoin Again?
by
worle1bm
on 30/01/2021, 17:25:19 UTC
The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.
Will it seriously reduce the number of illicit and fraudulent practices if government imposed ban on them?If so they should also submit clear reports of decreasing number of frauds after such crypto bans.The government previously imposed restrictions under which it states btc and other cryptocurrencies not legal tender after the Reserve Bank of India bans all crytpo-related transaction and Zebpay and other exchanges have to shut down their business but after that supreme court contradicts that and give permission for trading.The government was in terms for framing rule and regulations but what brought a sudden change to that statements?The government is actually not clear of its intentions himself and floating on two boats and their so called so called expert panel did not want to decentralise the power of rupees and that's why suggesting for such bans.But it will have short term price dips in the market and afterwards they will rise but the Indian economy will not move with pace as compared to other countries.They are demotivating the crypto industry there which is main targets for government because who is paying taxes for dealing in drugs or any other illicit activity so they will continue to do their business but white money makers will be affected the most with this decision which in turn will lead to governments tax revenue in crores which they could use for better economical growth of the country.