Friday, September 17

Why India is banning Bitcoin instead of the hype in the financial market?

The Indian Government is planning to cut Bitcoin and other cryptocurrencies that are regulated by private companies. This step is taken by the government due to the lack of adequate laws to manage cryptocurrencies. Anurag Singh Thakur, a junior minister in the finance department has proposed to Parliament that SEBI and RBI do not have a legal framework to regulate cryptocurrencies. Cryptocurrencies are volatile in nature, they are not currencies, assets, securities, commodities used by identified users. This makes it really difficult to keep a record of transactions without a uniform legal law and order.

Shiv Sena MP Sanjay Raut said, “...the government does not approve of cryptocurrency legal tender or coin and will soon be eliminating all the crypto-assets in financing illegal activity or acting as payment gateway”. But the government will keep exploring other applications of blockchain technology actively to add to the digital economy.

On the other hand, Elon Musk has recently bought $1 Billion worth of Bitcoin, the most popular cryptocurrencies. he mentioned in his tweet that he is in fact late in the race and should have bought bitcoin eight years ago. Bitcoin is on the verge of wide acceptance in the digital world.

govt banning bitcoin in india

Vishwanath and some other startup founders and not happy with the banning of Bitcoins and cryptocurrencies. All the startup founder have come together to lobby the government to keep the bitcoin with some regulation, instead of banning it. Killing the private cryptocurrencies will harm startup India technology and put a setback in the digital market.

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