Bitcoin has become popular in various countries across the globe, and India has also felt its popularity. Millions of people in this country have shared their interest by investing in Bitcoin, and as a result, it became the talking point across the country. It is a decentralized digital currency that can give great returns in a few years for those who don’t know about Bitcoin. No government or central bank has any authority over Bitcoin, and that has helped its course. The buying and selling of Bitcoin are easy, and anyone can access their transactions at their fingertips with the help of Bitcoin wallets. However, India has struggled with Bitcoin, and there have been multiple controversies surrounding it. In this article, we will talk about the situation of Bitcoin in the largest democracy in the world, that is India.
India’s Struggle With Cryptocurrency
India has always struggled with every cryptocurrency and not just Bitcoin, so there have been multiple talks regarding the ban on any digital currency that the government does not issue. The main reason behind this struggle is that in coming years, cryptocurrencies might replace fiat currencies that are not beneficial for any country’s economy. Over the years, the talks of a complete ban on cryptocurrencies have gained huge limelight, with many people supporting the ban, while there is a large section of people who are against this ban.
What Is the Story So Far
In 2018, the central bank gave an order to other banks stating that they cannot deal in any cryptocurrency, and the issue was highlighted a lot by the media and traders. As a result, the supreme court had to intervene in this matter. In March 2020, the supreme court overturned the central bank’s order, and in this process, the supreme court ordered the central government to come up with a law involving cryptocurrencies. There have been several talks in the government regarding a law that deals with this issue. If rumors are to be believed, a law will soon put some restrictions on crypto trading.
Is India Going to Ban Bitcoin?
According to their judgment in March 2020, the supreme court stated that the reserve bank of India should not ban cryptocurrencies just because they are unregulated. They said that crypto trading is not illegal and which is why it should not be banned. The finance minister of India said that they are not imposing a complete ban on cryptocurrencies and Bitcoins in India. However, the trading of Bitcoin will come with some rules and restrictions. So, in the current scenario, the ban on Bitcoin in India seems highly unlikely, but it is not sure.
India Bitcoin Ban Would Be a Terrible Idea
Many big investors and traders believe that Bitcoin can become a parallel money system that is more secure and reliable. As we all know, the physical currency falls under the authority of the central bank and government. It is never a great idea to give the authority of something to individuals, and that is where Bitcoin has a big advantage. As we all know, Bitcoin is decentralized, and any bank or government can control it, so the governments are trying hard to bring it down. To be completely honest, the transparency and security offered by Bitcoin is the biggest reason why its ban is a terrible idea that can hamper India’s economic growth as a country.
So that was our detailed analysis of the current situation of Bitcoin in India. I think that you already know about the potential of Bitcoin and how it can help traders and investors in these times. We all know that the world is struggling financially, and that is why it is great to have an option that can give us a good amount of money when we need it in the future. But If you want to make good money from Bitcoin then you should know about Bitcoin Era. Check Bitcoin Era reviews by users to know more about this amazing platform.