The Subhash Chandra Garg panel lately submitted its suggestions round cryptocurrencies to the Indian government and cautioned a complete ban on Bitcoin and other cryptocurrencies. If the Indian authorities acts upon these recommendations, it will be a huge blow to the cryptocurrency market in the country. So, what will be the influence of such a pass and what are your options in such a doomsday scenario?

Impact of a Cryptocurrency Ban

While the Indian government’s take on Bitcoin and other cryptocurrencies has been negative, it is vital to apprehend that the hints of the committee are no longer binding on the government. They could without difficulty pick to take a absolutely unique strategy and modify virtual currencies. Even if the Indian government opts for a complete ban on cryptos, they will have to first convey it below a criminal framework. Drafting of such regulations takes its very own path and it will take pretty some time to carry this underneath a ideal regulatory framework. There might even be greater petitions filed towards the government, similarly lengthening the process.

If the Indian government bans cryptocurrencies, they would have efficiently robbed Indian buyers and entrepreneurs a risk of participating in a surely international revolution. Moreover, the authorities will additionally lose out on taxes and jobs that will be created in this new industry. In fact, if the authorities bans digital currencies, it will speed up the advent of a parallel economy the place traders are pressured to go to shady exchanges or over the counter platforms for dealings. Isn’t it higher for India to regulate cryptocurrencies and honestly foster the Digital India movement?

Options for Cryptocurrency Investors

If the Indian government does go ahead and take this draconian decision, it will be a appropriate concept for Indian traders to put together for such a doomsday scenario proper away. We reckon that the buyers have the following options:

• Sell while you can

– Currently, investors in India can still sell cryptocurrencies and get cash via P2P exchanges. If you really need the money, it may additionally no longer be a awful thinking to recover some cash thru the P2P exchanges. However, many investors may additionally have to belly losses in such a scenario. The intention right here is not to unfold ‘FUD’ but to propose that if you have long gone in too deep in the cryptocurrency market, it possibly a right idea to get some cash out. It is especially authentic for these who have taken loans or other liabilities to buy cryptocurrencies. But you have to be certain before cashing out. Remember that it’s your choice and yours by myself if you decide to money out on losses and the market strikes towards a bull cycle. This is just a advice and no longer financial advice. Please do your very own research in case you decide to sell.

• International Exchanges

– In an Indiatimes article on the identical subject, the writer has advised that Indian buyers can transfer them to other wallets and liquidate it in other countries. While this is an option, we particularly suggest consulting a attorney or a tax professional to recognize whether or not such a move will be a violation of India’s Foreign Exchange Management Act or money laundering laws. Whether you can proceed buying and selling on global exchanges will depend a lot on how the law is worded, so we will have to wait for that!

• Cryptocurrency ATMs

– Many international locations have cryptocurrency ATMs which allow you to withdraw fiat currencies in exchange of cryptocurrencies. However, this is once more a prison gray vicinity where it is no longer quite clear whether it will be accounted as cash laundering or tax evasion. So, it is exceptional to consult an expert in such a case.

• Spend it abroad

– Many countries such as Japan and Australia now receive leading cryptocurrencies. You should without difficulty finance a excursion with your crypto assets. This may additionally be the simplest way to make use of your crypto investments, and experience a exceptional break 🙂

• ‘Hodl’ it

– Of course, the last choice is to truly wait out and wait for your investments to go up before taking a decision. Even if the authorities bans it, it can also reverse it if a lot of the effective nations globally adopt these virtual currencies. More recently, India also signed a G20 pact where these nations decided to adjust cryptocurrencies.

So, whilst we watch for a government choice on cryptocurrencies, it may additionally be a appropriate thinking to measure the options on hand to you as an investor!