According to local reports from the region of India, the crypto investors within India fear that it is likely that the Indian Government will impose yet another ban on the use and trade of cryptocurrencies. The fear regarding the banning of cryptocurrency within the country has spread like a wildfire amongst the crypto investors all across India.
Though this was not the first time that India is planning to impose a ban on the use of cryptocurrency but as a matter of fact in the month of April this year, the Indian Government had evidently lifted a ban from the use of cryptocurrency. The fear of the ban has jolted the entire crypto-industry which was otherwise flourishing and news regarding cryptocurrency was making headlines.
From the month of March when the ban was lifted, the country was able to see a tremendous increase in the crypto-based investment. According to news Bitcoin, like in many countries, remained the first choice of cryptocurrency amongst the Indian investors. At number, second was the Tether which is a Hong Kong-based cryptocurrency who sells its single coin for the cost of US$ 1, and therefore a lot of investors, whether small or big, were increasingly investing in Tether. However, the news had adversely affected the hopes of many investors. According to news, the Indian Federal Cabinet is in the process of presenting the draft bill within the session of the parliament for discussion.
While the cryptocurrency was moving ahead in India within various fields where projects such as managing revenue records and drug supply chain through the use of blockchain and various such like projects, however, the news has severely affected the well-being of the future projects. On the other hand, the Indian Reserve Bank had also issued policies in the year 2018 according to which commercial banks were directed not to conduct any transactions in any cryptocurrencies. However, the case was contested before the Court and was successfully finally decided by the apex court of the country wherein the Supreme Court had overruled the ban and as a result, the ban on the use of cryptocurrency was suspended in March this year.