India is going to make a law for banning crypto trading.
India is going to announce a ban on cryptocurrency trading. India is planning to introduce a new law banning trade in cryptocurrency placing it out of step with other economies of Asia that choose to regulate the fledgling market. The bill is expected to be discussed in short by the federal cabinet before it is sent to parliament as per the people who know the development and asked not to recognize - citing rules to speak or interact with the media.
The federal government will mostly encourage blockchain. It is the technology under cryptocurrencies but is not depending on crypto trading. The Finance ministry spokesman of India did not even respond to the call or the message seeking any comments or answers.
The central bank of India banned crypto transactions in the year 2019 after the fraud struck in the months following PM Modi's immediate decision for banning around 80% of the nation’s currency. Exchanges of cryptocurrencies respond with a lawsuit in September and won in March 2020.
This win in court prompts around a 450% surge in cryptocurrency trading within two months from the march as per the research. The bitcoin marketplace Paxful has seen an 883% growth rate between January up to May 2020 from $2.2 million to $22.1 million. WazirX - the Mumbai based crypto exchanger grew around 400% in March 2020 and around 270% in April 2020 monthly as per TechSci.
The decision of India will be essential like Asian countries weigh the benefits and disadvantages of online currencies. Rival china who banned the initial offerings of coin and online currencies in the year 2017, currently enables bitcoin trading as the virtual property - not as fiat money. It also plans its own central bank digital currency.
Crypto Business World
CBW - External Analyst
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