Indian government Banning Cryptocurrencies?



  • It's been in news these days that Indian Government is looking forward towards banning of cryptocurrencies. India is one of the major Economic Powers of the World especially in Developing Countries. If after China, Indian government too places a ban on Cryptopcurrencies it could be a drastic state of affairs for the Bitcoin World. A few Months Back a report was submitted by the Central Department of Economic Affairs to Ban Cryptocurrencies in India. I have made a synopsis of the same report in plain English but as being Indian Centric Posted it here in the Indian Section. You can read it here:

    Is Indian government going to Ban Cryptocurrency? If yes then how? - https://bitcointalk.org/index.php?topic=5258373.0

    It must be noted that Government is putting up strict punishments for those who don't obey the rules which include fines extended upto INR 25 Crores means around $4Million or upto the Amount of Scam involved. Also you might end up in Jail for upto 10 years. It's pretty evident that FBI in a case in US were able to track down a person using his bitcoin Address which reflected that Bitcoin is Pseudo-Anonymous and not Completely Anonymous. Special thanks to the KYC performed by almost all exchanges
    Here is the Link as to how it can be done: https://thenextweb.com/hardfork/2019/12/26/bitcoin-cryptocurrency-criminals-law-enforcement/

    Now if governments are able to track down Bitcoin users. And these 2 big Economies banning cryptocurrencies many other could follow the steps of these countries. Especially in the Eastern World which is still developing.


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