How Should Indians Take the New Crypto Regulation in 2021?
Do you think Cryptos like Bitcoin and Ethereum will be banned in India? Get a fresh opinion on the recent crypto regulation and check out the possibilities of making money with digital asset trading.
In the union budget of 2021, the finance minister stated that private cryptocurrencies such as Bitcoin will be banned and India will have its own digital currency with a regulated framework. This news brought a major disappointment in various crypto enthusiasts and investors of the country and forced many of us to go speculative on the future of crypto in India.
However, if you believe the experts, it is very unlikely that the Indian government will do something like that in the near future. All the reasonable theories and facts make us believe that the Indian government will not impose a blanket ban on cryptocurrencies. In fact, there are many reasons due to which India is unlikely to curb the selling and buying of crypto of India and we will discuss them in this blog.
Here’s why India will not ban private cryptos like Bitcoin and Ethereum:
- It would be a very discouraging step that would finish the interest of foreign investors who are willing to support the burgeoning crypto market in the country.
- Without the existence of private cryptocurrencies, the Indian counterpart will not be able to provide so many benefits because there would be competition and monopoly could be very counterproductive for the customers.
- The existence of regulations may make the Indian version of crypto very ineffective in terms of performance and the users may not get all the features of decentralized ledger.
- The government is relying on the “blockchain, not bitcoin” theory that hasn’t been proven very feasible for anyone.
- It will force the Indian crypto enthusiasts to buy the cryptos from other countries and some unfriendly neighboring nations can take advantage of that.
- If India gives a boost to crypto development and promote it like “Make in India”, it can help meet the 5 trillion dollar economy dream. However, with the ban, achieving this would be impossible.
- Contrary to popular belief, the government understands the true potential of crypto and knows that its ban will not be very conducive to a nation that is striving very hard to achieve major economic goals.
Cryptocurrency is the future and the Indian government realizes it very well. By banning crypto like Bitcoin and Ethereum, it would deprive the citizens of various benefits. In the age of social media where a trivial comment could foment the emotions of millions of people, the administration cannot take the risk of disappointing the growing crypto community of India.
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