What could happen if India bans bitcoin and cryptocurrencies — Quartz India
It won't be that easy.
Crypto is a new revolution in the world and challenge for are fiat currencies. In India till now there are no regulations for crypto currencies and government has no clue how to handle this matter, it seems there are not enough crypto experts with governments.
Crypto are decentralized so it would be very difficult for any government to ban on it. Initially there were some crypto exchanges operation but due to government ban on their transaction now P2P crypto exchanges are serving to crypto investors and traders. Now there is some news that government are planning to track transaction of individuals accounts but it seems impossible.
In a nutshell future of crypto is bright in coming era and government has to find some solution which could be a win-win situation for both investors and government. If it is legalized government would earn taxes and investor could invest and trade without any worries.
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No matter what the Indian government does to banning cryptos, they will not succeed. Cryptos and precious metals (i.e. gold and silver) will always have their places in the Indian financial system.
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Bitcoin can't be stopped. If India makes a big deal out of an attempted ban then it will totally backfire and get more Indians interested.
It wil be a sad story for my friends from India.
Banning would be a loss, India will remain backward while all other countries have inuded crypto currency in their financial system. Actually govt has to do something for itself and investors.
India will develop a big time black market around Crypto if governments do not regulate it this is my feeling, but anyways I am not an expert on this subject so can't say much