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Cryptocurrency Banned in India
Cryptocurrencies has grabbed the attention of the Indian public, especially the young, by storm. The growing activity in the crypto market has been exponential – numbers that have been quoted are innumerable and vary so much that one is not even sure of the very large number of Indians and the amounts involved.24 November 2020. The Indian government has made a very clear announcement on banning private currencies.
WHAT ARE PRIVATE CURRENCY
The term is not clearly defined by the government but here’s is our understanding about it.Bitcoin Ethereum and other such token holders can have a breathe of relief. Because you are safe. These two are completely the public cryptocurrencies because they are build on public blockchain networks. For such currencies transaction are traceable and safe.Private cryptos such as monero and dash coins that have private tokens these are also build on public blockchains but their transaction information provides privacy to users.
India’s CBDC:
This framework is also as called for the creation of an official digital currency issued by the Reserve Bank of India (RBI). Countries like china, Sweden, the Bahamas, are also using the CBCD within their economy. Along with the CBDC news, the bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 “also seeks to prohibit all the private crypto currencies in India, however, it allows for certain exceptions to promote the underlying technology of crypto currency and the uses of the crypto currency. That means it won’t keep Indian companies from using any blockchain technology, but speculating in cryptocurrencies won’t be allowed. The current bill — or at least a version of it — was postponed after being scheduled to be taken up in March, The Economic Times reported in May. That came as Indian officials took a second look at cryptocurrency trading.
“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world,” Finance Minister Nirmala Sitharaman said at the time. “It is not as if we are going
to look inward and say we are not going to have any of this. There will be a very calibrated position.” She added: “Mixed messages are coming across the world. I don’t think there is a complete go this way or that way in this matter. We will have to take a very calibrated position.
Note to relief-
Investors, Now is no worry and no need to panic sell at this point of time. The provisions on the bills are still unknown to us and everyone, furthermore it has not been passed yet. It is important for you to make an informed and timely decision with all the facts on the table. We are expecting the Crypto currency Bill to be in our favor of the progression of the industry. The government will soon come to the consensus and provide more clarity on defining public and private cryptocurrency.
In the unlikely event that certain cryptocurrencies you hold are banned, you will receive a notice period to transfer or sell your assets. You will not lose your holdings. This is in precedence of February 2021, the government planned to ban crypto entirely and gave a 3 month window for the same. However the ban was not executed. At the end of the day, however the situation may progress, we can promise you that we are giving utmost importance and priority to you and safekeeping your assets. We will act in accordance with laws applicable laws and regulations in this regard.
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Cryptocurrency Banned in India
Cryptocurrencies has grabbed the attention of the Indian public, especially the young, by storm. The growing activity in the crypto market has been exponential – numbers that have been quoted are innumerable and vary so much that one is not even sure of the very large number of Indians and the amounts involved.24 November 2020. The Indian government has made a very clear announcement on banning private currencies.
WHAT ARE PRIVATE CURRENCY
The term is not clearly defined by the government but here’s is our understanding about it.Bitcoin Ethereum and other such token holders can have a breathe of relief. Because you are safe. These two are completely the public cryptocurrencies because they are build on public blockchain networks. For such currencies transaction are traceable and safe.Private cryptos such as monero and dash coins that have private tokens these are also build on public blockchains but their transaction information provides privacy to users.
India’s CBDC:
This framework is also as called for the creation of an official digital currency issued by the Reserve Bank of India (RBI). Countries like china, Sweden, the Bahamas, are also using the CBCD within their economy. Along with the CBDC news, the bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 “also seeks to prohibit all the private crypto currencies in India, however, it allows for certain exceptions to promote the underlying technology of crypto currency and the uses of the crypto currency. That means it won’t keep Indian companies from using any blockchain technology, but speculating in cryptocurrencies won’t be allowed. The current bill — or at least a version of it — was postponed after being scheduled to be taken up in March, The Economic Times reported in May. That came as Indian officials took a second look at cryptocurrency trading.
“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world,” Finance Minister Nirmala Sitharaman said at the time. “It is not as if we are going
to look inward and say we are not going to have any of this. There will be a very calibrated position.” She added: “Mixed messages are coming across the world. I don’t think there is a complete go this way or that way in this matter. We will have to take a very calibrated position.
Note to relief-
Investors, Now is no worry and no need to panic sell at this point of time. The provisions on the bills are still unknown to us and everyone, furthermore it has not been passed yet. It is important for you to make an informed and timely decision with all the facts on the table. We are expecting the Crypto currency Bill to be in our favor of the progression of the industry. The government will soon come to the consensus and provide more clarity on defining public and private cryptocurrency.
In the unlikely event that certain cryptocurrencies you hold are banned, you will receive a notice period to transfer or sell your assets. You will not lose your holdings. This is in precedence of February 2021, the government planned to ban crypto entirely and gave a 3 month window for the same. However the ban was not executed. At the end of the day, however the situation may progress, we can promise you that we are giving utmost importance and priority to you and safekeeping your assets. We will act in accordance with laws applicable laws and regulations in this regard.