June 2, 2023

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India joins China in crusade against bitcoin: ‘cryptos’ implications

Almost without pain or pride to the crypto market. This is how The Government of India decides to ban all cryptocurrencies, In a movement to unite Asia’s third power with China, authorities are taking one after another to eradicate bitcoin and ‘altcoins’ from the country. Like the Asian company, Narendra Modi’s government wants to veto the sale and transactions of these assets, while ordering a public digital currency and positioning itself on the fringes of El Salvador, the only country in the world where Satoshi Nakamoto’s was created. Legal eligibility.

Besides China and India, there are Algeria, Bolivia, Egypt, Morocco and Nepal. Blocked the way for cryptocurrencies and crypto mining, With laws disabling this prosperous sector. In parallel, the Central Bank of India announced in June Is working to introduce its own digital currency By the end of this year, after several tests, it is following the same guidelines as China, which plans to launch the e-yuan in 2022.

Between that is calculated Asia’s third largest economy has between 15 and 100 million people holding cryptocurrencies, With a total reserve of billions of dollars. These investments face an uncertain future, and skeptics may actually avoid having a fully decentralized product. “You may be wondering how the government can prevent cryptocurrency trading on private computers through international transactions, but one thing The ban will at least prevent advertising and marketing activitiesThat fact must be taken into account. “

The bill, which will be tabled in the new legislative session, will allow some exceptions and Some cryptocurrencies are expected to be exempted from attack by the Indian government. According to an upcoming business bulletin from Parliament, this point seeks to improve cryptocurrency technology, but no further details have been given in the proposed law.

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As for the fate of the country’s crypto ecosystem, it is believed “Obviously, there will be a strike”, Announces Kashif Raza, founder of the Pinning Crypto Education site. “The industry will die naturally. Intellectual capital will move and investors will face losses,” he told AFP in a statement.

Regarding the effects on crypto space, he said, “India’s plan to ban cryptocurrencies Bitcoin did not have the same impact on prices There is another obstacle to the advancement of cryptocurrencies than the summer repression in China, but as an economic power in the real world, ”said Kalaf.

“Governments around the world have two major concerns about the rise of cryptocurrency, namely that it facilitates money laundering by criminals, and secondly, it could have undesirable implications for consumers. The price bubble ends up bursting”The researcher continues in AJ Bell. “It simply came to our notice then Cryptocurrencies continue to find more regulation Or a ban on multiple jurisdictions around the world, and El Salvador’s plans to build a city in the form of bitcoin are not going to reverse that trend, “he added.

Regulators may have a third concern about the proliferation of cryptocurrencies from the private market, ”he said Can usurp the power of the central banks”, He commented. “Often these are issued in the form of staple coins linked to the current national currency, rather than like bitcoin, whose volatility does not apply as a medium of exchange or value.” “Perhaps that is why, with the plan to ban private crypto assets, India has announced the introduction of its own digital currency,” the expert said.

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The Bank of England, the Central Bank or the ECB are exploring the possibility Publish your digital coins. The analyst concludes that these assets may “benefit consumers in terms of the speed of transactions and fees, but central banks that follow this path must be very careful so as not to destabilize the existing financial environment”.