Estimated reading time: 3 minutes
With the rise of cryptocurrency in recent years, India has seen a spike in trading volume. India is one of the leading countries for Bitcoin trading, and markets for other cryptocurrencies have grown with the increase in demand. As a result, the Reserve Bank of India (RBI) has issued a blanket ban on cryptocurrencies as a means of payment, which effectively makes them illegal to use.
What can be done to help those who are impacted by the ban?
There are two ways to help those who are impacted by the ban:
1) If you have Bitcoin or cryptocurrency that is banned in India, you can sell them for fiat currency.
2) You can donate your cryptocurrency to charities that can benefit from them. One of these charities is the Blockchain Charity Foundation.
How many people have been impacted by the cryptocurrency ban in India
In India, cryptocurrency has been banned by the government. This decision was made in an effort to protect investors and citizens of India from the risks that come with this new technology. The ban impacts tens of thousands of people who invested money in cryptocurrencies with no way to get their money back. In addition, it is expected that this decision will result in a loss of over $3 billion for the country.
What will happen with those who have cryptocurrency holdings?
India has recently enacted a ban on cryptocurrencies, thus putting an end to the cryptocurrency industry in India.
In the wake of this decision, many people are asking what will happen to their cryptocurrency holdings after this law is enacted. If a person has cryptocurrency that they held prior to January 1st, 2018, then it is not considered a part of their asset and does not need to be reported. It is also important to note that those who have held cryptocurrency since January 1st, 2018 are entitled to a refund from its current value at the time of this writing.
Why is cryptocurrency banned in India?
India is no stranger to using excessive regulation to its advantage. After a recent ban on crypto-to-crypto trading, the country became the first in the world to impose an outright ban on cryptocurrencies. The nation made it illegal for all citizens to trade or invest in virtual currencies.
Conclusion
This article is written based on the new cryptocurrency ban that India has executed. The decision was made by the Reserve Bank of India, who has ordered banks to stop dealing with any and all cryptocurrency companies, as well as exchanges. This ban affects a large number of working Bitcoin related firms in India and many individuals who have invested their savings into cryptocurrencies.
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