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

CryptocurrencyFeb 12, 2021 02:30PM ET
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India finally bans cryptocurrencies, gives investors six months to liquidate their assets

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 (18)
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?
BTC price reminder
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.
BTC price reminder
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
Stephen Towne
Stephen Towne Feb 13, 2021 3:20PM ET
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Vpn time for Indians
MK MK
MK MK Feb 13, 2021 2:11PM ET
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Great decision though I have some BTC. BTC uses as much electricity as Argentina, so it is really harmfull for Earth. It is used mostly for illegal payments. No idea it has not been banned by other countries
Vv Pp
Vv Pp Feb 13, 2021 1:55PM ET
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it's like a mosquito hit an elephant
Joey Keasberry
Joey Keasberry Feb 13, 2021 11:25AM ET
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I guess a lot of Indians will be searching for platforms outside of India within the coming months.
Stockfool Guruji
Stockfool Guruji Feb 13, 2021 10:04AM ET
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Go for gold! Bitcoin it a bubble about to explode. Well done india
Ngo Phong
Ngo Phong Feb 13, 2021 9:11AM ET
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no one can stop BTC to become a safe place to store value.
Nathan Surrell
Nathan Surrell Feb 13, 2021 9:11AM ET
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not to safe of a asset with 90%drops
Don Blade
Don Blade Feb 13, 2021 9:11AM ET
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It maybe safe to store but when u have fraudulent Chinese companies mining bitcoins from.their ****it hurts the integrity. Google.it!
Luke Sky
Luke Sky Feb 13, 2021 9:11AM ET
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governments can and will. Don't you see that this is a "trading frenzy" in an unstable pseudo asset, which is object of ban-discussion and court-cases. This is an inefficient, expensive and ecologically dirty system. Shame on Elon for supporting this.
George Sampoang
George Sampoang Feb 13, 2021 9:11AM ET
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not anymore with institution investing stabilizing Crypto !
vishal pradhan
vishal pradhan Feb 13, 2021 7:59AM ET
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Dang india took a hard step
vishal pradhan
vishal pradhan Feb 13, 2021 7:58AM ET
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uuuf Dang india took a hard step
 
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