Should I worry or Should I not ? Due to Upcoming Crypto Ban in India

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Hello Everyone
This year 2021 has been going great for the crypto space so far but looks like few countries are going to put a block on this. Recently I have seen some posts about the cryptocurrency ban in Nigeria and because of that many authors were here are disappointed and feeling so sad. it looks like India is also following the same trend and working behind the scenes to bring a ban on cryptocurrency transactions in the country.

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Nigeria's Senate Summons Central Bank Chief to Explain Crypto Ban. Nigeria's Senate has summoned the country's top financial regulators for a briefing after the central bank ordered local financial institutions to stop providing services to crypto companies and users last Friday

These days there are a lot of updates coming through various social media channels and mainstream media about this ban. To be honest this is not the first time when this kind of updates is coming out but in my last three years of experience in cryptocurrencies, I have seen a lot of news like this but this time it looks a bit problematic because some documents are shared with this kind of update. It really sounds weird when the entire world is moving ahead with the acceptance of crypto in any possible form and big companies are also entering slowly to add Bitcoin in their balance sheet but these countries like Nigeria and India are not doing well because it seems they do not want to be part of this revolution.

“To create a facilitative framework for the creation of the official digital currency to be issued by the RBI,” the purpose of the Bill stated. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

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Because of these coming updates every day it's creating a further kind of atmosphere in the market and because of that many people who are still interested to be part of crypto and planning to come here soon will not enter. as of now it's very difficult to say whether they will be banned or not but looking at the current scenario things are not looking in a better position and the majority of the community is worried because of this upcoming move by the Indian government.

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I don't know what will be the situation in the coming weeks and months. If it happens then for sure it's going to affect the country's economy and also the people who are part of this segment because they would not be allowed to do the crypto transactions in India if there is a ban applied by the Indian government.

Currently, the Indian community is looking forward to getting the official documents from the government or finance ministry to have a clear insight about their next action which they are planning to take so that they can have a clear picture and plan things accordingly.


Thank you so much.



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10 comments
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Hello @alokkumar121
A scenario full of expectations, I really hope that the decisions taken by the Indian government does not affect those in the world of cryptocurrency, it would be very unfortunate for everyone.
Best regards.

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what you said is right and I hope that things go in a positive direction. Thanks.

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Im sure there is ni cause to be alarmed stay calm.

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Hello @alokkumar121
You have to keep working, but yes, I understand, it is worrying what could happen. We know that many actions of some governments come from other entities.
Let's hope that this is not repeated in other countries, nor in India.

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Hi friend
I seriously hope that nothing wrong happens and govt understands what is best for the country and people. crypto is the future and it can change the way we list and transform things. thanks.

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