Another Effort To Ban Cryptos in India

Hi Friends,

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While we Indians are getting bored of hearing these news of banning Cryptos in India every now and then, we now have another shot at it as there is a news surfaced telling that, some regulators discussed on banning cryptos and bolster the Central Bank Digital Currency (CBDC).

The ban on crypto news keeps coming in and I don't remember how many times we have heard of it in this year itself.

It's also not a confirmed One as to which regulator has said about this and there is no official confirmation from Indian Government as well.

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Well, couple of years ago, when there were rumors of India legalizing the Cryptos, our Finance Minsters imposed 30% tax on Cryptos earnings and in the same year, our Prime Minister confirmed in some global meet that, there is a need to understand the global stance on Cryptos before regulating those.

And that was like a oasis for us and we hoped there will be good news on Cryptos in India.

But, it all died soon and there weren't any further efforts by any Government official in proposing or regulating Cryptos.

Now, after a gap of 2 years, we are hearing of the ban again.

India, is a country with over 19 million Crypto users and for the Second straight year, India has been the leader in Crypto adoption with more than 15% Indians owning One or the other Cryptos.

The numbers are even more as this might be a old number I shared as Crypto is attracting more and more people every day.

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The proposed (or can I say it rumored) ban on Cryptos is to increase financial stability by backing CBDC over Cryptos as they say, Cryptos are more risky and CBDC provides similar benefits of Cryptos with added security controls with less dangers.

The Reserve Bank of India has mulled again over 1 millions CBDC transaction per day as the target and feel it's quite achievable and this all at the expense of Cryptos.

But, as I mentioned above, no matter how many such efforts made by regulators or Reserve Bank of India to get Cryptos banned, but Indian Government, especially our Prime Minister and Finance Minster are not in favor of the ban as we can understand since 2 years.

The reason I say this is because, there was no official word from these guys on ban of Cryptos, but there were positive news from them on Cryptos in the form of tax on Cryptos which was kind of regulation of Cryptos or legalization of Cryptos as tax was imposed on Crypto transactions.

I would also like to recollect that, in 2018, Reserve Bank of India put a ban on Cryptos transactions thru banks, but that was rejected by the Supreme Court of India in 2020 giving a bit of relief to us.

But, inspite of this, the Government of India is not ready to accept Cryptos or regulate the same as they still Cryptos are potentially risky.

No matter on their stance on Cryptos, but the Indian Crypto regulators are in favor of blockchain and would like to explore further on that to use it in Governance and be among increasing nations which embraced Blochian for betterment of individual people as well as Government.

But, it's also true that the news of hacking of Indian Crypto exchange WazirX has increased the chances of India's Crypto ban, but keeping in mind the interests of those 19 million+ Indian Crypto users, The Government of India will not impose ban as there is also potential income for Government is what we all hope at this point of time.

Not to forget that, our Prime Minster is tech savvy, loves digitization of things and he himself is a big fan of digital payments and will not give up on Cryptos is what I can say.

No matter what happens, but the Indian Crypto lovers/investors/earners such as me, will not take a step back, but will patiently wait for an official announcement from our Government on this as we keep our fingers crossed.

It's just another day and then another day and we keep hoping for the light of hope reaching us every day and keeping our hopes alive of a Crypto regulation in India and that is what keeps us motivated.

One last thing I want to say is, these rumors of Crypto ban are not new to us, we have heard many, but we have grown stronger inspite of that and adapted Cryptos and we will continue to do that!!

Thanks, lots of love :)
Take care guys.

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