cryptocurrencies or digital currency it does not a government entity. Cryptocurrencies based on a decentralized platform on the blockchain, that does not require any type of authentication of government because it based on the decentralized platform. cryptocurrencies like Bitcoin government is not able to ban.
Ban the internet is the only way to stop cryptocurrencies.one other side India government started the digital India campaign, but other side government does not understand the digital currencies like Bitcoin.Reserve Bank of India (RBI) already admits that it issued the ban without doing enough research.
Cryptocurrency future in India is very very secure because Reserve Bank of India (RBI) Ban shows the lack of information. Reserve Bank of India (RBI) issue circular on 6 April DBR.No.BP.BC.104 /08.13.102/2017-18, banning all banks and financial institutions under its control from providing services to cryptocurrency companies.
It means you can not withdraw your money in Indian rupees after 5 July 2018 but it does not mean Bitcoin or cryptocurrency is Ban in India. Petition against RBI is already file by crypto exchange in Supreme Court of India. Supreme Court of India said it will hear all petitions against the ban on July 20, which is two weeks after the ban commences.
Cryptocurrencies future in India is very very secure because of these 5 big reason.
Reserve Bank of India (RBI) comparing cryptocurrencies to Ponzi scheme but any Ponzi scheme does not stay for 9 years. RBI this statement clearly show the lack of information. The best part of cryptocurrencies is that cryptocurrencies not hold by any entity or company because cryptocurrencies are working on the decentralized database blockchain.
#No research backing RBI crypto ban
We are already told it Reserve Bank of India (RBI) not done any researched before banning the cryptocurrency. It Clearly shows the insecurity of banking system in India.
In a response to the RTI application filed by blockchainlawyer.in consultant and a lawyer, Varun Sethi, on April 9, the Reserve Bank of India said it does not have an internal committee that looks into cryptocurrency/bitcoin.
RBI clearly saying “No” to questions related to the formation of a committee but RBI is part of two different committees that have been constituted under the Ministry of Finance to study currencies/bitcoin in India.
I think RBI cryptocurrency Ban is clearly a mistake. The Indian government is not banning to the Cryptocurrency and RBI is an entity but it is not the government. so relax, if you worried about cryptocurrency future in India.
#China’s Crypto Ban Isn’t Working
Cryptocurrency future in India looking like last year China regulations. China already banned bitcoin exchanges on September 4, 2017, as a way to stem online trading, but the attempt failed to eliminate cryptocurrency trading completely.
The Voice, the restrictions on ICOs and cryptocurrencies in China is not effective at all, and in fact, the crypto-market in the country is still thriving.Cryptocurrency ban is actually the manipulation by the government doing the Cryptocurrency price.
I think India and other countries learn from China. cryptocurrencies and ICO regulation is a good way to protect the people.
#Government Support for Blockchain and smart contract/digital India campaign
Cryptocurrency future in India is very very secure because Government of India supports blockchain, smart contract, and IOT Technology. All these Technologies working with on cryptocurrency. so it is not possible to ban the cryptocurrency and use this Technology globally.
Government when government supporting the blockchain it is actually supporting the Bitcoin because Bitcoin is the first product of the blockchain and government supporting the smart contract it actually recalls the ethereum.
The blockchain is not the small Technology, blockchain currently looks like 20 years ago internet. In India, the government of Andhra Pradesh already building a project to store land information in decentralized blockchain database working with Swedish startup ChromaWay.
So it is clear Government of India not blocking the Bitcoin and cryptocurrency, but this mistake done by Reserve Bank of India. I think the issue of Reserve Bank will be solved on upcoming days.
#Poor banking system
cryptocurrency will replace the banking in future, but not only the Indian Bank is worried, but all another major bank like JP Morgan (Bank of America) is also worried from cryptocurrency.
Indian banking system working very badly this thing is not measurable, but your money value will be down because of the poor banking. Indian banking system does not disclose the actual amount of non-performing assets (NPAs) will be higher than the expectation. It will be around 36 million dollars +.
Indian banking system much needed the blockchain technology, because the bad loan is not the only problem but other problems like hacking, Bank server, transaction fees all are an issue.
cryptocurrencies and blockchain in banking system like jio in Telecom. I think cryptocurrencies and blockchain no need the middleman. The banking system will be eliminated in future and all the work will be done by smart contract.
#Biggest tax collection
Tax is the major role to legalize Crypto in India.The whole Crypto market in the world India holds almost 10% + market cap.The Indian Central Board of Indirect Taxes and Customs is working on a proposal to impose an 18% tax on cryptocurrencies. It may be applied very soon.
Conclusion:-
It is very clear, cryptocurrency working on distributed ledger blockchain. government not able to ban any cryptocurrencies. so don't worry if you already hold the cryptocurrency, but you will new in the market. Please patience to legalize Crypto in India.