Is Bitcoin Dead In India? India May Implement Draconian Law To Outrightly Ban Bitcoin And Other Cryptocurrencies

The cryptocurrency market is currently in a delicate state. Bitcoin, the flagship cryptocurrency, is falling against the USD along with the entire cryptocurrency market. Members of the cryptocurrency community are in panic and have been asking questions like; will Bitcoin recover, Is Bitcoin dead, will the price of Bitcoin go up, Why is the Bitcoin price falling? Well, there are many possible variables responsible for the current market sell-off. While the market is declining, people in India are asking; is Bitcoin dead in India? Well, the long battle against Bitcoin in India may be coming to an unexpected end according to the Bitcoin news on CCN.

Bitcoin News – Is Bitcoin Dead In India? India May Place Blanket Ban On Cryptocurrencies

A while ago, smartereum.com reported that India is working on a draft for the either the regulation or outright ban of cryptocurrencies within the country. According to a recent report, this draft is for a blanket ban on cryptocurrencies in India and it is going to be a blow to the market. Currently, the draft is being examined by the required government departments and a verdict would be reached soon. The draft is titled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″. 

So far, the Department of Economic Affairs, the Investor Education and Protection Fund Authority, and the Taxation board in India all believe that an outright ban on cryptocurrencies is the best way forward. When the draft is passed into law after the general elections in India, this would mean the death of cryptocurrencies in the country. The government in India wants nothing to do with cryptocurrencies and is unwilling to understand this new asset class or how it can promote economic growth in India. To them, Bitcoin and other cryptocurrencies are only used by criminals for money laundering.

Another thing that discouraged regulators in India was the 2017/2018 surge in the price of Bitcoin and other cryptocurrencies. After this happened, the Indian government believed that cryptocurrencies are ponzi schemes and should be declared illegal. Part of a report regarding the issue states;

“The ministry of corporate affairs has in its feedback to the department of economic affairs pointed out the sale purchase and issuance of cryptocurrencies such as Bitcoin, Ethereum & Cashcoin etc. are being done by individuals and companies on false inducements of massive returns.”

The campaign against cryptocurrencies in India is being spearheaded by the Reserve Bank of India (RBI). This institution has always taken a negative stance against cryptocurrencies. Earlier in the month, they announced that banks under their regulation should not allow customers buy cryptocurrencies. These banks have also been forbidden from providing financial services to cryptocurrency related businesses. According to the RBI, the cryptocurrency industry is too risky and the only way to curb it is with a draconian ban that would make everything related to cryptocurrencies illegal.

Bitcoin News Today – Is Bitcoin Dead or Will Bitcoin Recover?

Meanwhile, Bitcoin and other cryptocurrencies have had a rough time over the last few days. At the time of writing, the flagship cryptocurrency was trading at $5,292.05. This means that it is down by 3.53% against the USD. The trading volume over a 24 hour period is $17,998,410,531 and the market capitalization is $93,492,283,603. This is happening a few days after a Bitcoin bull run took the price of BTC as high as $5600.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$10,951.00
-2.75%

What do you think about the Bitcoin regulations in India in the Bitcoin news today? Is Bitcoin dead or will Bitcoin recover? Share your thoughts in the comment section below.

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