India to ban Cryptocurrency? The government to introduce a law against it: Reports

Trading through virtual currencies have become one of the major platforms to invest money, especially Bitcoins. However, a recent report by Bloomberg Quint, stated the Indian government is planning to bring a law which will ban the use of Cryptocurrency in India completely. This move could bring down this ever-growing industry inside the nation affecting numerous people and companies who have participated in its growth.

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India to ban Cryptocurrency soon?

Cryptocurrency has grown quite popular when it comes to being one of the best trading platforms around the world. Many countries like South Korea and Singapore have been regulating such virtual currency platforms very widely. Nevertheless, the Supreme Court of India, in March 2020, restrained private banks, state-owned banks and all the financial institutions from providing any services that could be related to Cryptocurrency.

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This is the reason why many institutions and investors who deal with things related to Cryptocurrency were waiting for a reply from the Government of the RBI regarding the order. Now, these reports about the law to ban Cryptocurrency in India could also be a possible and a strategic move to obstruct fraudsters to trick innocent investors and many other reasons. According to the Bloomberg Quint report, after winning the lawsuit against the ban on Cryptocurrency in India, the virtual trading platform gained 450% surge within two months since March. As per the same report, this ban on Cryptocurrency will affect more than 1.7 million Indians trading in digital assets and a rising number of companies setting up platforms for the trade.

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Many experts believe that the Indian Government and RBI should find out a way to regulate Cryptocurrency in India much effectively. Many experts believe that instead of setting up a ban on such a fruitful platform, India must find a way to form a regulatory framework to protect uninformed retail consumers. This will help oneself from eliminating any form of financial disaster while helping interested parties to gain benefits at the same time. A Cryptocurrency ban not only blocks ways to earn money but also India's growth towards a better future.

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