What if India bans circulation of cryptocurrency? What Zerodha founder says

Amid concerns about cryptocurrencies, the government will consider and pass the “Cryptocurrency Bill and Official Digital Currency Regulations, 2021” in the Winter Parliament starting November 29.

Zerodha co-founder Nikhil Kamath asked on Twitter what would happen to the cryptocurrencies in circulation if the government decided to ban cryptocurrencies.

"Is the Indian Government Banning Cryptocurrencies? And What's Really Happening?" The Zerodha co-founder tweeted.

Nikhil Kamath recently took to Twitter to express some of his doubts about cryptocurrencies.

"The problem with Bitcoin is that there are 1,000 different identical coins. If you can make a piece, what are the properties of the piece? 100 years ago, 20 out of 100 neighbours got coins. If so, I would be the strongest government ever. "

He also said, "I'm not an expert here, I'd like to know more," and asked for relevant discussion and information.

What if the government decides to ban cryptocurrencies?

Well, if the government decides to ban cryptocurrencies, transactions between banks and crypto exchanges will stop. You cannot convert your local currency to buy cryptocurrency. Also cannot be obtained.

Currently, there are no restrictions or restrictions on the use of cryptocurrencies in the country. Notably, recently there has been an increase in commercials featuring promising movie stars who can easily earn high returns on their cryptocurrency investments.

Prime Minister Narendra Modi last week held a meeting with senior officials on the cryptocurrency, saying that more stringent regulatory measures could be taken to address the issue.

Reiterating its strong views on cryptocurrencies, RBI has said that cryptocurrencies pose a serious threat to the country's macroeconomy, financial stability, and doubts on the number and market capitalization of investors doing business with them. To emphasize

The Cryptocurrency and Official Digital Currency Bill Regulations, 2021

The bill aims to "create a valid framework for creating official digital currencies issued by the Reserve Bank of India. “The bill also seeks to ban all private cryptocurrencies in India but allows exceptions to promote and use the underlying cryptocurrencies.

Bitcoin

Originally started with Bitcoin in 2008, 100 cryptocurrencies are now traded on international private exchanges, including India. Bitcoin, which is very expensive in the stratosphere, has been the best investment in the last decade. The original price was about 10 cents, and as of last week, the coin was trading for over $60,000.

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