Crypto ban in India?
Crypto/Cryptocurrency: You can see in the news channel “Crypto will be banned in India” or ”Crypto ban in India”, So there are rumors around you. They said Crypto ban in India and people started to sell their crypto, because of panic selling, the crypto price is going down. And they have done several times in the past, I must tell you one thing that this is not the first time that the Indian government applied policies on the crypto ban in India. In this blog, I am going to reveal every truth behind the crypto ban in India, after this blog, you will never fear again. “हिंदी में पढ़ने के लिए भाषा चुने”
First of all, let me clear your doubt and reduce your fear with the latest news about the crypto ban in India 2021, then will reveal the past scenario of the crypto ban in India Since of 2018, 2019, and 2020.
Will Crypto Ban in India – 2021 Latest News.
As you can see in the above image the point number 12th of the real BILL, “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. – there are two major points that should be focused”
Point #1: To create a facilitative framework for certain of the official digital currency to be issued by the RBI.
It means very simple, An official digital currency will be issued by the RBI, that might be anything, maybe Rupee converts into digital currency, or a new digital currency will be generated by the Reserve Bank of India. You can’t expect without clarification of the official announcement by RBI. “हिंदी में पढ़ने के लिए भाषा चुने”
Point #2: All private cryptocurrency will be banned.
Here they said, “Private Cryptocurrency” that doesn’t mean they are going to ban these currencies like Bitcoin, Ethereum, or Tron Etc. because these crypto are publicly Decentralized, and most cryptocurrencies are decentralized. So again they haven’t clarified about “Private Cryptocurrency”. Private Cryptocurrencies can be anything, It’s a big “confusion word“, without clarification, you can’t assume anything.
Reaction of Nischal Shetty on Crypto Ban, CEO of WazirX
“Wrong or hasty regulations will set us back by a decade,” tweeted Nischal Shetty, Founder of Bitcoin and cryptocurrency exchange WazirX. “Right regulations will catapult India to the forefront of this cryptocurrency technology.”
The country has WazirX, BuyUcoin, CoinDCX, and CoinSwitch Kuber, among others as leading cryptocurrency platforms that would be directly impacted by the restrictions planned by the government.
Vishal Gupta, Co-Founder of Bitcoin Alliance, predicts that the business of cryptocurrencies will continue — irrespective of the government move.
Crypto Ban, India Budge of 2021-2022
Be Fearful When Others Are Greedy And Greedy When Others Are Fearfulby Warren Buffet
Why I am telling this quote to you? because this is the real difference between giant investors and naïve investors. Indian people always believe in rumors instead of research or any kind of evidence.
What are YouTubers saying?
What is News Channel saying?
What is anyone saying?
NONE OF THIS MATTERS, Matter is the final, Indian Budget 2021, which will decide the reality.
Have you ever tried to read this budget 2021-2022?
I think, your answer would be NO, You can directly download and read it – Click Here to Download. After reading it you couldn’t find any “crypto ban” or any “RBI regulation on crypto ban” right???
Because it is an updated budget 2021, with Date and Time, you can see the below image that I downloaded.
When small fishes sell crypto, then big crocodiles buy cryptoRajeev
It happens every year, panic selling by just a rumors.
I don’t know about the old budget of 30th Jan 2021, Only for 2 days hyped this news, Where the big Youtubers, news channels, news websites were all showing with an image (already mentioned above 12th point). Where did that crypto ban bill vanish from the budget? Or there was no such bill on a crypto ban. Actually, these things came from the budget or it was spread as a rumor. Ask this to yourself. A big question for you. Because this budget has been updated with time as you have seen in the above image.
As you can see, there are 2 major questions asked by Shri Sanjay Raut to Government.
a) Is the government aware that many business companies are using cryptocurrencies for international transactions during the last year?
b) If yes, then tell in detail.
Answer from Govt.: NO Sir. This means the government doesn’t know about it. They just replied one WORD “NO” to finished the further clarification.
c) Is the Government considering the responsibility of introducing India’s own cryptocurrency?
d) If yes, then tell in detail.
Answer from Govt.: NO Sir, They clearly mentioned, It was announced in the Budget Speech of the year 2018-2019 that the Government does not consider cryptocurrencies or coins as legal tender. This means from 2018 to till date, every year, so-called big news or giant investors spread rumors, fake news, or fear. And you can see also in the latest 2021 Budget, there is nothing mentioned about the crypto ban or issued digital currency by RBI.
And you cannot buy or sell (payment method) anything using Crypto, Crypto can be used only for trade and investment. In the last line, Government said they will explore the use of blockchain technology proactively for ushering in the digital economy, This will be a revolution for India.
To understand the current situation, let’s talk about the past scenario –
New Delhi: Hearing the petition against the Reserve Bank of India’s (RBI) ban on bank dealings with crypto-related business, the Supreme Court of India has upheld the decision of the apex bank. Earlier the Supreme Court of India had ruled that all the crypto-related cases should be clubbed and fixed July 20, 2018, as the date for the hearing but since the ban by RBI would be effective from July 6, 2018, so the apex court accepted the request of the industry body and set July 3, 2018, as the hearing date.
The Supreme Court has so once more refused to remain RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders at intervals 3 months, because of becoming July 6th. The central bank’s arguable blockade has prompted each public and industry-led petitions, with some appealing to the courts on the grounds that the choice is unconstitutional.
The Internet and Mobile Association of India (IAMAI), which counts as its members many of the crypto exchanges difficult RBI’s stance, requested the first hearing at the Supreme Court. The court had set an initial date of July 20, two weeks when the ban will have taken an impact.
At a previous petition hearing on May 17, IAMAI was reportedly requested to submit an illustration against the central bank. Nischal Shetty, CEO of crypto exchange WazirX, is quoted by Quartz India saying: “We had submitted a detailed presentation that could have given RBI a clearer picture on what is blockchain, how the exchanges work, etc. But we hadn’t heard back from them yet. In the hearing, RBI has also been directed by the apex court to respond to the representations made by the firms in the next seven days.”
A Twitter post from a team of Indian lawyers concerned in crypto regulative analysis confirms that the Supreme Court has these days directed RBI “to respond with reasons” to the IAMAI’s illustration. The Supreme Court will hear existing petitions at the said July 20 hearing.
Notwithstanding its hardline stance against decentralized cryptocurrencies, RBI is claimed to be considering issuing its own central bank digital currency (CBDC).
Governments around the world are trying ways in which to regulate cryptocurrencies however no major economy has taken the forceful step of inserting a blanket ban on owning them, even if the concern has been raised about the misuse of consumer information and its possible impact on the financial system.
A similar bill was drafted in 2019 as well. A panel was established that planned a 10-year jail sentence for persons who hold, sell, or deal in cryptocurrencies including Bitcoin. However, the govt. did not bring that proposal to action.
However, in March 2020, the Supreme Court allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a central bank ban had that dealt the thriving industry a major blow.