It is a confusion for us Indians as to what it is going to be like with our Crypto investments. The government keeps making change in statements every few months.
Sometime back there was a news
18% GST on bitcoin transactions, Centre’s plan to generate Rs 7,200 crore annually
The Supreme Court, in March, set aside a 2018 circular by the RBI, which barred banks and financial institutions from providing services related to cryptocurrencies.
Then again recently there is news few days ago
India’s government plans to introduce a bill in the country’s lower house that would ban private cryptocurrencies such as bitcoin and create a national cryptocurrency.
India has not been able to take any stance on the Cryptocurrency, I do understand it is not a simple task, but then the uncertainty leaves the people clueless as to, if they can go ahead with investments or not. In 2018 also there was a lot of noise on the Cryptocurrency regulation, where it was announced that India plans to introduce law to ban Bitcoin, and other private cryptocurrencies and a 10 years of jail time was proposed for offenders.
After this news I remember there were a lot of Indians who withdrew even from Steem then, and the reason was that they were unsure about the future of Crypto in India and would not want to take risk.
Even when I speak to my friends it is the same sentiment, that it is illegal in India, though there has not been any law passed as yet and everything is in proposed state. But then for how long will this confusion exist. Will India ban the cryptocurrency and create its own cryptocurrency. If they do it also, how will they regulate it. All a big question.
Well, I do not think India acceptability or unacceptability is going to impact the price of BTC in any way, there are many bigger whales out there, and I am sure as usual there will be some way out for these ones in power to play around with the laws and keep the laws going in only for the common man. As it is the big whales do have their business set up even outside India so for them it would not be difficult to trade from another country.
Also, in my groups I hear a lot of people saying that if this bull run gives them a good return, they may think of leaving India and settling in a place which is more user friendly to Cryptos and build up their wealth, rather than living on the terms and conditions of the Government. It is surprising that people are thinking at this level also, and which clearly proves that they see that this is a good opportunity for a common man to come up with their wealth and make some good savings for their future generations as well.
Way back when Internet was introduced it went through the same dilemma, and then gradually the whole world welcomed it and adapted to it and now our lives revolve around it. Will Crypto see a similar future?
This is a question to my Indian friends. What are you thinking on the use of Cryptos. If Govt. bans it completely how are you going to deal with it, and which then means also the blogging income will not be lawful as per the norms. Do share your views with me on this.
Thank you for visiting my blog. 👼🏻👼🏻💖💖🌹🌺🌸
|
|
|
|
MINDFUL LIFE is a Natural Medicine project which supports meditators on HIVE
|
Join The Best Natural Health Community on Hive
|
|
Posted Using LeoFinance Beta
You can simply utilize cryptocurrency, or you can build up your own cryptographic money trade. That is not a simple and modest way, but rather the trade's benefit is extremely high. Nowadays most Digital transformation companies are trying to use cryptocurrency wallets.
Posted Using LeoFinance Beta
Well, I feel bad for crypto enthusiasts in India. It is a difficult time indeed. However, how can the government control something that has no central point? If they regulate the activities of exchanges people can move into peer transactions.
At this point, I cannot imagine a world without crypto. For most of us, it is all that we have.
Posted Using LeoFinance Beta
True, eventually everyone will have to accept this world as well, let's see what the future brings in.
10 years for owning crypto that sounds a bit rough
Posted using Dapplr
Namaste🙏 @nainaztengra,it's too bad if crypto will ban on India, I am trying to be with hive for long term, but no idea what will be happen after crypto ban in India. How I will be continue in blockchain , will my investment loss?, no clue. Hope every thing will be fine.
Yes, same here. I have no plans to quit. Let's hope for the best @idea-make-rich
I hope everything works fine for crypto enthusiasts in India. I dont understand this regulations, its like closing doors to this amazing technologies full of oportunities.
Eventually everyone will have to accept it
I dont think that govt will ban crypto and I also see that media and some users started overreacting to this news. Govt has not announced anything about it and getting in the fear zone is not needed unless its announced. Indian mainstream media is not at all reliable for such news and I am hopeful that crypto will not get banned.
True, the media guys add salt and pepper to it, but nevertheless the Indian government has never been in favor of it also, so it's surely not going to be so easy
Cryptocurrency has become the best thing that happened to the digital world. Now countries like India are trying to adapt it for a digital currency. Most businesses like taxis, food delivery are trying to use cryptocurrency wallets. I just checked out this taxi app solution uses cryptocurrency wallet.
Wow, that kind of user adaptability will really push in everyone into the world of cryptos.
Your post has been voted as a part of Encouragement program. Keep up the good work!
Try https://ecency.com and Earn Points in every action (being online, posting, commenting, reblog, vote and more).
Boost your earnings, double reward, double fun! 😉
Support Ecency, in our mission:
Ecency: https://ecency.com/proposals/141
Hivesigner: Vote for Proposal