Why India Wants Crypto Trending Online; Cryptocurrency Ban In India?

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Buying and selling cryptocurrency is legal in India, at least at the time of writing this article. Even I purchased DogeCoin last week and made enough profit to buy a plate of chicken biriyani. However, this all could change, as the Govt of India is planning to ban cryptocurrency in India.

Why India Wants Crypto Trending Online; Cryptocurrency Ban In India?

 

Why Does Indian Govt Want To Ban Cryptocurrency?

Though there is no official statement or an answer to this question, the most logical explanation is that the Govt does not have control over the cryptocurrency. This means Govt won't be a piece of the pie when you either buy or sell a cryptocurrency like Bitcoin or Dogecoin, which are currently skyrocketing.

According to a few reports, the Govt is not just planning to ban all private cryptocurrencies in the country, but it is also planning to launch its own cryptocurrency, which will be legal in the country for all sorts of transactions.

IndiaWantsCryptocurrency is currently trending on Twitter, and many users are sharing stories on how they made a livelihood by investing in cryptocurrency, especially during the lockdown period. The founder of WazirX, one of the most used cryptocurrency trading platforms in India is also backing this online campaign.

Just like any investment schemes, investing in a cryptocurrency comes with a lot of risks. As much as one can double the money in a day, one can also lose the complete amount if the market shifts towards the left.

I think, instead of banning cryptocurrency, the Govt should introduce new regulations and it is also said that the aforementioned process is currently in the pipeline, which is going to make a lot of people happy.

Investing or trading cryptocurrency is still in the grey area. As the Govt banned 100s of apps overnight, it could also ban cryptocurrency. So, be careful if you are planning to invest in the same.

 
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