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India finally bans cryptocurrencies, gives investors six months to liquidate their assets

Published Feb 12, 2021 02:29PM ET
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India finally bans cryptocurrencies, gives investors six months to liquidate their assets
 
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India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions.

There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumors that the country was mulling over banning all private cryptocurrencies.

Apparently, officials were serious about banning cryptocurrencies. Citing an unnamed senior finance ministry official, BloombergQuint disclosed the government’s move. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.

As per the report, India’s Parliament will proceed to introduce a law that bans the usage of cryptocurrencies in all forms, including restricting trading via foreign exchanges.

On the flip side of India’s ban is Kenya, an East-African country that has proposed to make Bitcoin its base currency.

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India finally bans cryptocurrencies, gives investors six months to liquidate their assets
 

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Comments (17)
Anthony Anthony
Anthony Anthony Feb 14, 2021 1:35PM ET
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Indian don't even have running toilets. Where do they get crypto stuffs?
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BTCpricereminder Feb 14, 2021 9:45AM ET
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st pid governmets they will perish. Bitcoin will win
Ben Masih
Ben Masih Feb 14, 2021 8:07AM ET
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why these people want to make india poor
John Smit
John Smit Feb 14, 2021 5:08AM ET
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First India banned cash. Now crypto. There is a bigger agenda at play here and India are setting a trend in motion and only over time will we know if others follow, or what the agenda is. CBDC's maybe...
Jalpesh Rajani
Jalpesh Rajani Feb 14, 2021 2:04AM ET
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Whats the source of this news? There is no bill announced yet but this media outlet seems to have some inside news? Oe just creating fake news as click bait.
An absurd Channel
An absurd Channel Feb 14, 2021 1:37AM ET
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Much needed. Cryptos are way volatile and the hype is overrated.
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BTCpricereminder Feb 14, 2021 1:37AM ET
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your I.Q. must be below zero
Art Fire
Art Fire Feb 14, 2021 12:22AM ET
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People's lack of understanding here is as thick as mud. The financial infrastructure from Crypto behind components solving the most complex algorithms on the planet on a planet wide scale is expanding chip technology leading to advancements that are changing the world.  These chips are used in everything from wind turbines, extraction of biofuel, machines, tech, weapons, computers, games, medical equipment, and everything else part of this new digital industrial age.  It is the fabric behind AI and the advances we see today.  You don't improve anything without scale, and Crypto is forcing the scale of chip technology like never before.
Art Fire
Art Fire Feb 13, 2021 8:21PM ET
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Anyone know the real reason? Not the pretend reason that "dark net" is behind it all.  What does India have to gain, or what do they think they are losing right now?
David Javier
David Javier Feb 13, 2021 6:31PM ET
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El problema es que se viene una ola de impuesto a la criptomonedas, eso no quiere decir que va desaparecer sino un re acomodo a las nuevas circunstancias, el mercado no dejará de moverse la volatilidad también estar atentos a los vaivenes del precio bajadas y subidas.
MM MM
OliverKlozeoff Feb 13, 2021 4:04PM ET
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yeah well they ********on the street also so they are not exactly trendsetters.
Direcode Vincent
Direcode Vincent Feb 13, 2021 4:04PM ET
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Beep boop
 
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