Is cryptocurrency banned in India?
The rules of cryptocurrency vary from country to country. Most cryptocurrencies operate outside the rules of the governments of countries. These are an alternative money different from the money policies of the state.
Switzerland has adopted cryptocurrency. Along with this, good rules have been made to protect investors and promote blockchain innovation. At the same time, el salvador became the first country to legally adopt bitcoin in september 2021. But, there is no rule on cryptocurrency in india yet, but it has not been completely banned either.
Cryptocurrency: Why does india need a policy?
If cryptocurrency is completely banned in india, it can lead to many losses. As was seen after the RBI ban in 2018, blockchain experts had moved to crypto-friendly countries. This stopped blockchain innovation in india and created a situation of 'brain drain'.
By adopting cryptocurrency, india can establish itself as an important player in the global financial system. Initiatives like 'Crypto Export Zone' can promote crypto startups and attract foreign investment.
Cryptocurrency and blockchain technology can create new industries and jobs. india has a large population of youth who are interested in technology. A good policy regarding cryptocurrency can provide new opportunities to these youth. At the same time, india can strengthen its wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy by adopting cryptocurrency. This can help the country become a leader in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital innovation globally.
Blockchain can create new business models and apps, which can revolutionize many sectors. But for this it is necessary that the government makes balanced rules. To protect investors, the government should give correct information about crypto to the people. Regulating crypto like a commodity will also increase tax.
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