Proposed Cryptocurrency Ban In India and Introduction of a National Cryptocurrency - Digital Rupee!

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India, the second-most populous country and democracy in the world with a population of 1,348,340,000 people, source only 5 million people short of that of China's population, is seeing her government considering introducing an outright ban on cryptocurrency that would see up-to a 10-year jail term dashed out to anyone involved in any form of cryptocurrency transactions from trading, mining to even holding it. source However, the Reserve Bank of India has denies involvement in the draft bill to ban cryptocurrency in India. source

There remain a high probability that this will negatively affect the prices of cryptocurrencies in the interim and take the South-East Asia crypto-community aback giving that one in every 10 bitcoin transactions in the world happens in India. source Also, this development will continue to push decentralized cryptos underground (further discouraging mass adoption) as various government brings their regulated cryptocurrencies into main stream.

I sure love to hear what you think about the future of cryptos if government world over begin to issues their own regulated cryptocurrencies while banning countries list decentralized ones.

Best regards


Regards, appreciated @straighttalk.

Initially, I was very surprised by the title of your post, since I have many friends from India and in their publications I have been able to confirm the great advances in mass adoption that are being developed in that country. Then a ban on cryptocurrencies seems unheard of.

The fact that the Indian administration is considering issuing its own cryptocurrency seems to me a positive aspect, but if this is preceded by a ban on the rest of the crypts, then the failure would be announced.

In the world of blockchain and cryptocurrencies, users seek financial freedom. And they have achieved it. Precisely for this reason we see the great success of BTC and all other cryptocurrencies, cryptoactive, altcoins, stablecoins, etc ...

To pretend to regulate crypto, is nonsense.

All best, Piotr.

For one sure thing though, Government issued cryptocurrencies will introduce more transparency in public finance.

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