India may ban Bitcoin and other altcoins

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Not only are China and Turkey united. It seems that bitcoin may have a black streak again, which will not allow the cryptocurrency to settle at the level of $42,000 and go into a bullish trend. Another country is considering a complete ban on bitcoin and other altos, the work 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 the near future on the territory of India and whether bitcoin and all other cryptocurrencies will be banned in the future. So far, a special high-ranking government committee on this issue has not yet been established.

If you look into the past, two years ago, an interdepartmental committee proposed to introduce a ban on bitcoin and other altcoins in India, which entails criminal liability for trading, hoarding and mining in India.

The world-famous Reuters news agency has notified that India will be ready to adopt a law regarding the fate of bitcoin and other cryptocurrencies in the very near future. Also, Indian Finance Minister Nirmala Sitharaman mentioned that so far it is still just talk, since India wants to move with the times and a complete ban on bitcoin is not at all the path that a highly developed country wants to move along.

In June, the Indian newspaper The New Indian Express wrote in the headlines of its news that the Indian government had softened its attitude with regard to crypto assets, and the Reserve Bank of India also decided that in June, the central bank had great concerns about the adaptation of cryptocurrencies in India and the gradual replacement of fiat.

India, like China, does not want to have a currency in its country that cannot be controlled. It is creating its own digital national currency, similar to the digital yuan in China, which will use blockchain technology. Therefore, we can assume that bitcoin is unprofitable for the country and they will also want to get rid of it in the very near future.

The material has been provided by InstaForex Company - www.instaforex.com

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