Crypto(Bitcoin) Ban - Indian Government's new Upcoming Plan to Ban CryptoCurrencies Can be Bad News for Steemians too!

Hi,
Many Indians, myself included, exited from the crypto world in 2018 after RBI put a ban on the Indian Crypto Exchanges. Zebpay, WazirX, and few other popular at the time responded with a lawsuit in the court. It took two years to win the lawsuit, hence crypto trading started again in March 2020. Valuations of the companies such as WazirX multiplied by more than 700% in April.

Governing Cabinet is afraid that people might be at risk at times such as Corona. Chances are that many people could be losing their life savings at the time when the number of jobs is less. If the cabinet forms a plan soon, a bill would be proposed in the parliament. Once passed, no one can do anything much. Times are going to be difficult for the Indian people here in the Crypto world, so planning ahead can be useful.

What Should You Do?

You should not put your life savings in here, because cryptocurrency trading is not regulated in India. Indian govt tried in past to form the regulations, like South Korea and Singapore have done, but they failed. Even China has recently re-allowed the trading of Bitcoin. India is moving in a different direction. It is planning to use the underlying Blockchain technology for various purposes but is fearful of cryptocurrencies. People have nothing much to say or do, once the govt passes the bill. So stay in touch! Stay updated!

Thanks!