Back in July 2019, a government panel in India recommended a ban on all cryptocurrencies and even contemplated jail terms of up to 10 years and hefty fines for offenders.
After having created a lot of uncertainty and having put the investors and crypto enthusiasts on guard, they are now saying that there is no ban on cryptocurrencies and by ordering the banks to deny services to crypto related entities, they are merely protecting the financial institutions.
Why take this long to issue a simple clarification like this?
Further, how would the citizens buy cryptocurrencies using fiat currencies, if crptocurrencies are not banned but the banks are banned from dealing with it? Isn't that inviting the illegal markets like the hawala traders to enter the market to fill the void?
Sounds very preposterous to me.
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