India Facing Possible Crypto-Ban

Cryptocurrencies not welcome in India
Tension is rising in India among crypto users and the Government is planning to ban cryptocurrencies. This potential law, which is taken into consideration by the RBI, The Reserve Bank of India, can pose many problems for crypto users. Around 15 million Indians invested in virtual assets, according to various estimates.

Before getting into details about why India is considering outlawing crypto, let us face some facts. What changes would banning actually bring? Well, the transactions between the bank and crypto exchanges would be stopped. Users would not be able to convert local currencies into buying any kind of virtual money.

But, this probable crypto-ban is not shocking news to residents of this big South Asian country.

This idea was first born back in 2019, when Subhash Garg from the Committee on Virtual Currencies recommended that the government should not allow private virtual currencies in the country.

To know more about this news, check out : https://lcb.org/news/india-facing-possible-crypto-ban