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If Cryptocurrency Is Banned In India Then Eight Percent Of The Countries Population Will Get A Big Blow

Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Wed, 24 Nov 2021 10:16 AM IST

Summary

Cryptocurrency Bill In India: According to a report, about eight percent of the country’s population has invested in a variety of digital currencies. In such a situation, if the government completely bans digital currency, then these investors will get a big blow.

ban on cryptocurrencies
– photo : istock

The news of the crypto bill on Tuesday has raised concerns among Indian investors investing in cryptocurrencies. In such a situation, now the question is arising that if cryptocurrency is banned in India, then what will happen to those people who have invested heavily in it. According to a report, about eight percent of the country’s population is invested in a variety of digital currencies.

70 thousand crore rupees are at stake
According to the report, the number of people who have invested in cryptocurrencies in India is about 8 percent of India’s population. These investors have invested about 70 thousand crore rupees in many types of digital currencies currently prevalent around the world. In such a situation, if the government decides to ban crypto in India, then it will be a big blow for the Indian investors who have put 70 thousand crore rupees. Let us tell you that after its launch in 2009, till the year 2013, bitcoin was the only digital currency in circulation. But now there are more than seven thousand different cryptocurrencies in circulation around the world. However, bitcoin remains the most popular digital currency in the world, followed by Ethereum.

Draft cryptocurrency bill
Significantly, the Government of India has prepared a draft cryptocurrency bill to be introduced in the winter session. There are indications that soon the government is going to ban cryptocurrencies completely. The central government will introduce 26 new bills, including three ordinances, in this winter session. This information has been received from the Legislative Agenda released for the winter session on Tuesday evening. In this, most of the eyes are on the cryptocurrency bill. However, whether the government will ban cryptocurrency completely or allow its trading with certain conditions, it will be clear only after the bill is passed.

This will be the effect of the decision to ban
Zerodha co-founder Nikhil Kamat tweeted from his official Twitter account that if the government decides to ban cryptocurrencies in India under the cryptocurrency-related bill ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. All other digital currencies, including bitcoin, can be a big problem for those investing. If the government decides to ban crypto then transactions between the bank and your crypto exchanges will cease. You will not be able to convert or redeem your local currency to buy cryptocurrencies.

Expansion

The news of the crypto bill on Tuesday has raised concerns among Indian investors investing in cryptocurrencies. In such a situation, now the question is arising that if cryptocurrency is banned in India, then what will happen to those people who have invested heavily in it. According to a report, about eight percent of the country’s population is invested in a variety of digital currencies.

70 thousand crore rupees are at stake

According to the report, the number of people who have invested in cryptocurrencies in India is about 8 percent of India’s population. These investors have invested about 70 thousand crore rupees in many types of digital currencies currently prevalent around the world. In such a situation, if the government decides to ban crypto in India, then it will be a big blow for the Indian investors who have put 70 thousand crore rupees. Let us tell you that after its launch in 2009, till the year 2013, bitcoin was the only digital currency in circulation. But now there are more than seven thousand different cryptocurrencies in circulation around the world. However, bitcoin remains the most popular digital currency in the world, followed by Ethereum.

Draft cryptocurrency bill

Significantly, the Government of India has prepared a draft cryptocurrency bill to be introduced in the winter session. There are indications that soon the government is going to ban cryptocurrencies completely. The central government will introduce 26 new bills, including three ordinances, in this winter session. This information has been received from the Legislative Agenda released for the winter session on Tuesday evening. In this, most of the eyes are on the cryptocurrency bill. However, whether the government will ban cryptocurrency completely or allow its trading with certain conditions, it will be clear only after the bill is passed.

This will be the effect of the decision to ban

Zerodha co-founder Nikhil Kamat tweeted from his official Twitter account that if the government decides to ban cryptocurrencies in India under the cryptocurrency-related bill ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. All other digital currencies, including bitcoin, can be a big problem for those investing. If the government decides to ban crypto then transactions between the bank and your crypto exchanges will be closed. You will not be able to convert or redeem your local currency to buy cryptocurrencies.

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