Crypto Ban Analysis by the Indian Government
Bloomberg, one of the world’s leading news agency, published an article on yesterday or 15th, saying that it has been reported from their sources that the bill to ban crypto by the Indian Government can be brought in this session. Based on this, almost all crypto media portals have published this news. Here we will analyze this news and try to know what is the truth of this news.
In Bloomberg’s report, in just 3 lines, the rest of this news has been published only due to old things. We do not deny this, but it remains to be seen whether this can happen? The Reserve Bank’s ban was lifted by the Supreme Court in March this year. No one knows what changes the Government has made in the Subhash Garg Committee’s crypto bill.
There are some huge and serious issues facing the Government related to the country’s internal and external security. In the Lok Sabha, the Defense Minister Shri Rajnath Singh gave information about the ongoing dispute with China, and the situation like the war on the border remains. Corona’s state in the country is also getting worse, and the cases are reaching 1 lakh per day.
Mumbai politics has also attracted the attention of the Government and all the media. Reforming the country’s GDP The pressure on the Government remains constant, and in such a situation, the Government should consider crypto and that too except for 33 bills, the chances of this are small.
Not to be overly optimistic, even if we assume that the Government is bringing this bill, then it is quite possible that changes would have been made after March.
It was said that the Government could recognize crypto as an investment commodity or community. Now, if the Government is also talking about banning crypto, is it possible to sell every purchase of crypto or to monitor the trade? Have a technical system?
Perhaps the answer is no. It is more important to note that the Government has recently taken strict measures regarding China and closed hundreds of Chinese apps because the Government could do this. After all, Their control was in the hands of a particular person or company, but it is not possible bitcoin.
One crucial issue is that 60 percent of bitcoin mining is in China, which can be a severe issue and a big reason. To ban But bitcoin mining is not 100 percent in China.
The Government of India is very optimistic about doing blockchain. India’s blockchain industry is growing very fast, and many Indian blockchain and crypto projects have earned a name worldwide. Millions of people got a chance to earn a livelihood at the time of Corona due to crypto. If we look at this, there is no such big reason for the Government to ban crypto.
Even if we believe that this has happened, the crypto community still has a way to go to court against this law. Because the constitution has given us some fundamental rights in which we have the freedom to make any trade as we wish under the freedom of expression and the Supreme Court also accepted this point at the Reserve Bank Ban time.
Now crypto with IMAI to fight the legal battle. There is also Exchange Binance, which has recently subscribed to IMAI. During this time, the CEO of Binance specifically stated that their objective in the Indian Government and institutions has to cooperate in creating legal framework work on crypto.
Nobody knows what the Government is going to make about crypto and when it will be made. It is not right to be scared to hear some news. We believe that the crypto community should wait a little bit on this subject for the right decision to come. And do not panic because the information is not correct, and the sources are also accurate every time.