Government Must Find Ways to Reimburse 7 Million Indians Holding Over $1bn If Bitcoin Is Banned.
Mar 28, 2021 08:58 UTC
Mar 28, 2021 at 09:01 UTC
It is essential to mention that the notorious proposal has come to the fore when several cryptocurrencies, such as Bitcoin and Dogecoin, are enjoying a significant rise in their value. Bitcoin has significantly benefitted from large-scale investments from global leaders like Tesla, having crossed the $50,000 mark for the first time. But having said that, an average Joe must realise that cryptocurrencies are high-risk investment tools. Hence they must do their due diligence before investing.
How Will The Proposed Ban On Crypto Currencies In India Impact The Industry?
Leading experts and observers have stated that despite the available knowledge of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 being featured among the presented bills in the Parliament session, there is still some cloud over the contents of the bill. As per their vision, the Indian government will not take a regressive route by banning virtual currency. For the sake of argument, if the government proposes a total ban on Crypto, it will have to introduce an alternative reimbursement way to help seven Million+ people who currently hold assets worth $1 Billion+ for this. It’s essential to essential to mention that it is improbable that the government will wipe off such an overwhelming amount of wealth as this move will, by all means, pave the way for an economic crisis in the country.
How Will the Overall Picture Look If a Blanket Ban Is Imposed on Cryptocurrency?
It is essential to mention that the crypto community hosts tenmillion+ HODLers, 300+ startups- and then there are thousands of jobs and millions of dollars in revenue and taxes. Any potential blanket ban will have a knock-on effect on investors and honest businesses, the economy, and public employment. One can only expect a proper Crypto regulation to push the nation towards innovative technology, i.e., Cryptocurrencies. Whereas any wrong regulation, most likely a ban on Crypto, will drive the country back by a decade. There’s no denying that this will effectively restrict us from matching the rest of the World and miss out on a golden opportunity in this sector.
What Does India Have a Reservation against Crypto Currency, especially When the World Is Embracing It?
One can only speculate; this is primarily due to a lack of information. Unlike the west, India is yet to develop a comprehensive understanding of the virtual currency system. It’s essential to mention that BlockChain is a nascent technology that needs the Indian government to engage technologists for transparent and straightforward understanding. Global leaders like the US, UK, Australia, EU regions, and Japan are all taking identical routes to tackle Crypto’s innovative fostering and crime prevention.
Vital Tips for Investors to Keep in Mind While Investing in Cryptocurrency
There’s no denying the fact that Cryptocurrency is a new alternative asset class. Furthermore, the ever-increasing institutional participation has put Bitcoin into the fore as a store of value worldwide. Trade analysts and experts predict significant growth for Crypto in the upcoming months, with first-timers and more retail investors stepping into the market. As mentioned already, any first-timer must remember that Crypto is a high-risk, high reward investment option. One should invest in complete accordance with their risk appetite.
For more information and news on the ever-expanding World of Cryptocurrency, you must continue reading at Coin Trade & Mine. This is arguably one of the best Cryptocurrency news sources from all over the World.
Published at Sun, 28 Mar 2021 08:58:26 +0000