India could pass a law banning cryptocurrency trading, according to Bloomberg.
This is not the first time that the Indian government has sought to obstruct the activities of the crypto community.
The country reportedly intends to continue adopting blockchain technology, however
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Most of the news out of the crypto space lately seems to be good. New investors are joining the sector and the markets have seen fundamentals and techniques strengthen. Something is brewing in India, however, that threatens to push the market back, apparently following in the footsteps of China, which has adopted a pro / con policy.
Bloomberg reported that India is on the verge of a ban on cryptocurrency trading in the country. A bill is reportedly being prepared and is in the process of being presented to Parliament . Much like China , India is not closing the door on blockchain innovation and will adopt this technology , but digital currency trading could be on the verge of being phased out.
Roller coasters in India
This isn’t the first time that India, Asia’s third-largest economy, has driven the local cryptocurrency industry to a halt. In 2018, the Indian Federal Reserve went so far as to ban cryptocurrency transactions, which could not have come at a worse time.
The move followed Prime Minister Narendra Modi’s decision to ban some of the country’s most popular banknotes without warning, leaving people clueless.
Two years ago, crypto exchanges and industry organizations got together to file a complaint against the central bank’s decision against cryptocurrencies, and it has paid off. In March 2020, a Supreme Court ruling caught on, overturning obstacles posed by the central bank and putting the wind in the sails of the crypto community.
Crypto won in India
Now that they appear to be facing a similar struggle again, it remains to be seen how the exchanges will react. BeInCrypto has contacted India-based crypto exchange WazirX and will update this article if we receive a response. In the meantime, the bad news quickly spread.