Are Cryptocurrencies Banned in India? Here’s All You Need to Know About it

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Yesterday’s Huge Alt Dump in the Indian Crypto Market Has Raised Some Questions. What is the Future of Crypto Currencies in India? Check it Out!

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Understanding Cryptocurrencies 

Trading has been the livelihood of many for decades now. From a small business owner to a rich businessman, everyone trades something in exchange for financial assets such as cash, property, or goods. This billion-dollar industry gave rise to the so-called “High-Risk Markets”, among these high-risk markets is The Crypto Currency market.

Supposedly, if anyone would have invested $1,000 in a coin called SHIBA INU in June 2021, by November 2021 that investment would have been somewhere around $18,000. The money factor alone drives everyone crazy and is the most prominent element of attraction for the investors to poll their saving in this high-risked market.

What Happened? 

India has become the single largest country to invest in cryptocurrency followed by USA and Russia. Well, this might not be the case for the upcoming months or so. Yesterday, a huge dump was observed in the Indian Crypto exchanges like WazirX and Coinswitch. Specifically limited to the Indian markets, everyone wondered why some local coins such as VET, DOGE, and TRX saw a huge dip.

Indian Government is the answer. The Winter session of the Indian Parliament is about to begin on November 29th. This might be bad news for all the investors. A new Digital Currency Bill 2021 will supposedly be presented in front of the cabinet.

According to the sources, this will enable the Indian Government to regulate cryptocurrencies and might lead to a ban on some of the digital coins too. All the private cryptocurrencies could get a ban if this bill gets a positive nod by the cabinet under the Pilot Project.

A heavy tax slab of up to 40% + GST could also be imposed on the profits incurred from trading but the possibility of the Government charging such hefty taxes is quite low. Due to the Government being silent on the Crypto Bill from Mid-August, nothing could be said with full surety as of now.

cryptocurrency

According to the sources, this will enable the Indian Government to regulate cryptocurrencies and might lead to a ban on some of the digital coins too.

Future Possibilities 

Now, the question arises that how can you trade on digital platforms? Don’t worry the government is set to launch some official coins which can be termed as legal tenders. Recently on November 13th, the central government hosted a meeting with the top-level executives of some Crypto exchanges and raised some questions on ‘Attempts to mislead the youth through over-promising and non-transparent advertising by these Exchanges’.

Six cryptocurrencies that still are most likely to get a seat in the Indian markets are -:

  • Bitcoin
  • Polkadot
  • Matic
  • Tether
  • Ethereum
  • Cardano

Boon or Bane?

This huge dump in the Indian markets can also be an opportunity for all investors. Dips and pumps are something quite common in volatile markets like Crypto, this dump could be a buying opportunity for the people who have their trust in the markets.

We know that at times trusting someone with your hard-earned money could be difficult but as the saying goes “A trader looks for consistency. A Gambler looks for quick money”. We don’t want to be a gambler here. Patience will yield the desired results and according to some analysts, Bitcoin has the potential to rise up to $100K by the end of the year.

December could be a game-changer for the Crypto market. A rally of AltCoins is also predicted by the end of the year. We can wait and see what happens and except something good comes out of it. Until then, relax and sit back, because an investment once invested, always gives your return, be it in the form of cash or be it in the form of a lesson!

cryptocurrency

Recently on November 13th, the central government hosted a meeting with the top-level executives of some Crypto exchanges

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