Breather for Crypto business in India

[Yugocean]

Indian Crypto setips are breathing for relief as Indian Finance MInister completely ignored Cryptocurrency issue which could have effected the ban on crypto industry.

Cryptocurrency was completely ignored in India's budget, due to which cryptocurrency traders have taken a breather. Generally, the category which is neglected in the budget, it describes itself as neglected by the government, but it was a different thing about cryptocurrency.

The Government of India is set to table 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' during the budget session, slated to restrict private currency by creating government cryptocurrency.

In April 2018, the RBI imposed a ban on cryptocurrency which affected the closure of the Indian market worldwide, but in March 2020, the Supreme Court of India rejected a ban that caused a huge boom in the crypto market.

 

[greatguy1]

The Indian government is threading a very rough part with the incessant attacks on the crypto-currency market. It is something they will live to regret in the near future if they are not very careful. The best bet was to approach the market cautiously, study and learn how it operate, how it affects the inflow and outflow of cash. The major issue was that the populace might dump the rupee for cryptocurrencies thus affecting inflation and pushing excess cash liquidity into the system.

 

[Josemendez]

It is unfortunate that Cryptocurrency Lovers in India are facing this huge issue.Many of them has lost opportunity to make money through cryptocurrency.

To me , if they see cryptocurrency as a threat , then they should put in regulations that will help them control the use of cryptocurrency . Denying their citizens outrightly to cryptocurrency investment is quite harsh .
I hope that they will listen to the cries of the citizens and work towards lifting the ban on cryptocurrency .

 

[Yugocean]

Governments around the world are imposing some or the other control, unfortunately some criminal elements have created a lot of controversy and there is speculation that their funding is being done from crypto, along with many corrupt leaders of India also put money to crypto I have done it. Something had to happen, but so harshly that crypto would have to be banned - it would be an unscripted decision at the present time, it would be good if the government issues government crypto.