Cryptocurrency, a digital currency whose initial value was almost NIL but now it is one of the most pricey currencies. Recently there are many rumors taking place in the Indian crypto market about the crypto ban in India. These rumors are making many investors question, “India ban cryptocurrency, how to cash now?” However, are these rumors even true or not. These are just gossips or these talks have some proof? Read this blog to clear out this confusion.
There was a time when very few people were aware and interested in the topic of cryptocurrencies. However, by the time these currencies gain popularity and value and became one of the precious investments. People of India also became more and more interested in cryptos as it has its own benefits. Still, there are many nations who tried several times to ban this currency and India is one of those nations.
If you don't know totally regarding cryptocurrency. We suggest you all read our old blog on "What Is Cryptocurrency".
Cryptocurrency Banned In India
2018 was a year that brought a shock to crypto investors of India. As stated above India is one of the nations that tried to ban cryptocurrencies. This happened in 2018. Two years ago, RBI directed all the banks to stop providing their services to crypto users. That means, no bank is allowed to support any crypto activity. Either it is an individual who is trading is cryptos or it is any business related to cryptocurrencies, none will be provided with any help from Indian banks.
Though there was not an official announcement about the cryptocurrency ban in India, still, the action taken by RBI was horrifying for crypto traders and exchanges. As a result, many exchanges decided to question the decision of RBI and submit the case in court.
Yes, it took a long time for the decision but finally, the positive decision came in March 2020. The Supreme court made a landmark decision of lifting the ban imposed by RBI and this was a major win for not only a single person but for the whole crypto community.
Banning Draft
In 2019, the Department of economic aware prepared a banning draft. The draft has not yet approved but if it will get approval then this means one more time cryptocurrencies will be ban in India. This time it may hold a proper ban.
Possibility Of Banning Daft Getting Approved?
There are many big personalities and many big companies who are involved in the crypto world like PayPal, MasterCard, Visa, etc. So, there are fewer chances of getting the crypto ban again. Moreover after the Supreme Court’s decision, more and more people involved in this crypto trading which resulted in the hype about the success of cryptocurrencies in India.
India Ban Cryptocurrency, How To Cash Now?
If cryptocurrencies will be banned in India again then once again users who’re already holding cryptocurrencies will face problems in cashing their cryptos. Previously, when banks were prohibited to support crypto activities, at that time crypto holders were able to retain them but they were not able to convert them into Indian currency. Plus, many exchanges sent emails and notifications to users to withdraw their amount before the deadline with the steps to do so. Read Full Blog On How To Cash Cryptocurrency By Clicking On The Link https://cointocurrency.com/blog/india-ban-cryptocurrency-then-how-to-cash-crypto-in-india/
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