Delhi (The Stellar News) Saksham Kalia: In last days, there are headlines that Indian government is going to ban crypto in India, resulted into the panic selling of crypto coins. But many questions arouses in the minds of people that, will Government ban crypto in India? Is it good or bad?
A sector which is boomed in last one decade is the market of Crypto-currencies. The diversification in Crypto-currencies has given a big opportunity for people investing in this sector but also has given a means to some big terrorist and extremist groups for using it for their illegal trading.
Indian Government has noticed it recently and PM Modi in his speech addressed his concern over crypto going in wrong hands. Crypto has a world market of $3 trillion. While about 10 crore people have invested in crypto and the total amount invested by Indians is rupees six lakh crore. So, Banning crypto from India means declaring six lakh crore illegal and wiping out this money from India.
We already have an example of china who banned crypto recently but didn’t succeeded in resisting there citizens to invest in crypto. As we know that despite of banning something from country, an individual can use it illegally. As same as apps like Tik Tok, banned in India but people are using it by using multiple VPNs.
So, banning crypto means that Govt can’t implement any tax on it and erasing a big wealth from the market. As we all know that digital form of currency is the future of world and gives more option to countries to trade in other currency rather in just American dollar.
In world the American dollar is currently playing a medium for international deals and benefiting American dollar but harming developing countries like India. So, crypto will benefit all countries democratically but banning it means saying good bye to opportunities.
Indian government in its new bill which is to be address in parliament stated that the government will ban private crypto. This could mean that the coins created by some private companies which is highly used for illegal trading and is not track-able. While others like bitcoin, etharium, dogecoin and some other are track-able and government can easily access these.
There is need to regularize this currency and banning it not a good decision at all.
