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No legal authority in the world has outright prohibited the use of cryptocurrency.

Due to rumours of a proposed ban on cryptocurrencies through the pending crypto bill in Parliament beginning 29th November, a huge number of crypto users on Indian exchanges resorted to panic selling. On the other hand, according to experts, crypto investors should refrain from panic selling because the content of the proposed bill is yet unknown. They also advise crypto investors in the nation to be calm and perform their own study before making a hasty decision. Investors should wait for a government declaration on the subject before relying too much on secondary sources of information.

क्या है क्रिप्टोकरेंसी और इसके निवेश, कानून, टैक्स? cryptocurrency news today | crypto news|NewsGram www.youtube.com



According to industry estimates, more than ten crore Indians, predominantly young people, and senior citizens, have invested in cryptocurrencies. The country is reported to have approximately 10.07 crore cryptocurrency owners, putting it far ahead of the United States. As word of the crypto bill being set up for legislation spread, significant declines in the value of key cryptocurrencies such as Bitcoin, Ethereum, and others were observed. However, the development was not particularly tied to its intended tabling during the forthcoming Winter Session of Parliament.

Surprisingly, there is no change in the bill's description that was previously scheduled for introduction in Parliament. It goes on to mention: "To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

gold round coins As several industry leaders and experts pointed out the last time such a ban was proposed, outlawing cryptocurrencies would be technologically unachievable. | Photo by Executium on Unsplash


Other governments' attempts at crypto ban have failed. In fact, no legal authority in the world has outright prohibited the use of cryptocurrency. Those who have tried have all failed. Kashif Raza, the founder of bitinning, is concerned that if the Government of India decides to prohibit cryptocurrencies outright, it will lead to an underground market in which crypto investors will lose even more money. As several industry leaders and experts pointed out the last time such a ban was proposed, outlawing cryptocurrencies would be technologically unachievable.



Keywords: crypto, crypto ban, India, parliament, bill, investment, cryptocurrency


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