Yugocean
Valued Contributor
The Indian Central Bank has sought to ban cryptocurrencies as "one hundred percent speculative activity" on the basis that they do not have any inherent value, In the defense against the difficulties of banning it, Bank has given the example of China.
Bank even declared cryptocurrencies to be the cause of the next financial crisis. However, Bank said nothing on China's financial crisis, on which it gave example for banning. The central bank has introduced its own digital version of the Indian rupee (CBDC) but has done little to promote it.
The Indian government, which has already discouraged crypto activities by levying heavy taxes, is now working on a cryptocurrency law that may impose some other controls. But banning such an economic technology is a very difficult task because bans have been unsuccessful in various countries; moreover, it has been accepted in many countries like Brazil, Russia, which are India's economic partners, and banning crypto would affect international trade.
Bank even declared cryptocurrencies to be the cause of the next financial crisis. However, Bank said nothing on China's financial crisis, on which it gave example for banning. The central bank has introduced its own digital version of the Indian rupee (CBDC) but has done little to promote it.
The Indian government, which has already discouraged crypto activities by levying heavy taxes, is now working on a cryptocurrency law that may impose some other controls. But banning such an economic technology is a very difficult task because bans have been unsuccessful in various countries; moreover, it has been accepted in many countries like Brazil, Russia, which are India's economic partners, and banning crypto would affect international trade.
