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Specualtuons regarding the ban of IP addresses have come to surface that the centre will table a new bill in this year (2021).It says that it will fine anyone who mine or even hold digital assets.This would lead to a potential blow to millions of investors into red hot-asset class.
Bill is one of the strictest policies in the world . It would criminalize anyone possessing crypto currency, mining or even trading it!The ban is on line with the January agenda of banning private virtual currency such as Bitcoin.
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Instead, India should give thier citizens time of approx 6 months to liquidate thier investment/assets and then Ban it.Theres is also a high possibility of this bill turning into a law as prime minister Narendra Modi's government holds a comfortable majority in the government.If this bill is made into a law India would be the first major economy to ban virtual currency.Even though China has banned it but it does not ' Criminalize ' those who trade or mine it.
Top Indian officials have called crypto currency "ponzi scheme" but the finance minister Nirmala Sitharaman eased some concerns this month, that they are looking for ways in which experiment can happen in the digital world and crypto currency.
I personally as an Indian think that India should be promoting crypto like the other countries such as UK , Singapore, Germany etc than criminalize it . Anyways be prepared for the worst case .Lemme know your thoughts on this topic!
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Undoubtedly, it would be a mistake to eliminate and punish the use of cryptocurrencies as it would go against the world economic progress that has gone from not accepting them to doing so. South Korea last year tried something similar and had to open up, like China, to create controls but not criminalizing those who possess them. Even less so for such a short period of time, which shows that the government has very little wisdom in this matter. @tipu curate 2
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Thankyou @jospeh1956 and @tipu for your response ^^ . I totally agree if such a bill is passed it would lead to a huge blow on the citizens (especially crypto traders and miners) .The government need to come up with ways to support crypto because that's the future.
Countries that are fighting against the existence of crypto currency are the ones who are scared of having their method of operations exposed to the world, this is my candid opinion about the whole thing.
@elity-sitio thankyou for your response ! YES, your point is very true because crypto is the new meta currently and banning or criminalizing it would mean they are scared of having their methods of operations exposed.
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