India To Ban Ownership Of Cryptocurrencies

Abra allows you to securely invest in 30 cryptocurrencies and 50 fiat currencies — all from one app. India will propose a law banning cryptocurrencies and fining anyone holding or trading digital assets in the country, Reuters reported. One of the biggest developments in the cryptocurrency sector had been the news that the Indian government was considering a ban on crypto trading and ownership in the country.

The Indian government seeks to propose a law banning cryptocurrencies under which anyone involved in its trading or holding such assets could be fined, according to reports. Nigel Green, chief executive and founder of financial advisory group deVere, said regulation was likely to become an increasing concern for bitcoin and the wider cryptocurrency market.

And, we want to take it in a big way in IFSC or Gift City in Gandhinagar,” Nirmala Sitharaman said. Cryptocurrencies, by their general makeup, are wont to keep the investors and the companies dealing in them on tenterhooks.

Under the proposed bill, cryptocurrency holders would be given six months to liquidate their digital assets, after which penalties will be levived. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website.

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It is estimated by industry experts that there are over eight millions of investors with investments are worth several hundred million pounds. By Monday morning, the price of one Bitcoin had fallen to $57,885 following reports that the world’s second most populous nation was planning on criminalising possession, issuance, mining, trading and the transferring of crypto-assets. This could be a problem for Bitcoin’s price as institutions have been seen as less likely to sell, propping up the cryptocurrency’s value.

Over the past couple of years, the uncertainty in India around cryptocurrencies, including the popular ones like Bitcoin has increased. The federal government’s idea is to discourage private virtual currencies and build a framework for an official digital currency. If it becomes the law, India would be the first major economy to make holding cryptocurrency illegal. The news comes even as Bitcoin, which is the world’s biggest and most popular cryptocurrency at present, hit a record high of $60,000 (£43,000) on Saturday. Reuters news agency on Monday quoted a senior government official with direct knowledge of the plan as saying that the bill would criminalise possession, issuance, mining, trading and transferring crypto-assets. If the ban goes into law, India would be the first major economy to make holding cryptocurrency illegal. Although China has banned mining and trading, possession is not penalised.

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India Cryptocurrency Ban

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itcoin reached a new high of almost $62,000 on Saturday, before news on Sunday of a potential ban in India caused the cryptocurrency to slip. Japanese households’ financial assets hit a fresh record near 2 quadrillion yen last year, half of which was in cash and bank deposits, in a sign the coronavirus pandemic encouraged them to save rather than spend. The balance of financial assets held by households rose 2.9% from a year earlier to a record 1,948 trillion yen ($17.85 trillion) as of the end of December, Bank of Japan data showed on Wednesday. Of the total, 1,056 trillion yen was in cash and deposits, as curbs to prevent the spread of the virus kept consumers at home and away from shops and outdoor activities, the data showed. While the cryptocurrencies were under pressure on Monday morning, the market is still far higher than it was six months ago. Bitcoin has rallied over 400% amid a surge of interest from institutional players like Square and Tesla .

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. The measures would be even more strict than the current law in China, which has banned mining and trading of cryptocurrencies but not possession. A long awaited decision on the Indian government’s stance on cryptocurrencies looks to be forthcoming.

Despite Monday’s pullback, many investors believe the outlook for bitcoin’s price remains tilted to the upside. A senior government official told Reuters overnight that India, Asia’s third-largest economy, is preparing a bill that would criminalise possession, issuance, mining, trading and transferring crypto-assets. The cryptocurrency had hit a record high of $61,781.83 on Saturday after U.S. President Joe Biden signed off on his $1.9 trillion fiscal stimulus and ordered an acceleration in vaccinations.

While intended as an alternative currency to pay for goods and services, its main use so far has been speculative trading. The quarter couldn’t have gone much better for this company, and yet results didn’t come close to reaching the elevated expectations implied by the company’s high stock price. The Miami Heat got another win, and for a change it came relatively easily. Jimmy Butler had 28 points and 12 rebounds, Bam Adebayo returned from a knee issue and finished with 14 points, nine rebounds and six assists, and the Heat eased past the Cleveland Cavaliers on Tuesday night. Kelly Olynyk scored 17 points, Tyler Herro had 15 and Duncan Robinson added 14 for Miami, which won for the 11th time in its last 12 games. Ladies and gentlemen, thank you for standing by, and welcome to the CrowdStrike fourth-quarter and fiscal-year 2021 financial results conference call. With me on the call are George Kurtz, president and chief executive officer and co-founder of CrowdStrike; and Burt Podbere, chief financial officer.

Possession, issuance, mining, trading and transferring cryptocurrencies will all be criminal offences according to the official who has spoken to Reuters. India has been known to have a frosty relationship towards cryptocurrencies and the crackdown comes after the Indian government sent out warnings regarding virtual currencies and the risk that trading digital currencies bring with it. Companies within India that already provide a cryptocurrency service that is regulated by RBI will have to cease their programmes in a certain time period that the bank will announce at a later date, it is understood. TOKYO/LONDON/NEW YORK – Bitcoin dropped on Monday, falling from a record high above $60,000 over the weekend, as investors digested a potential ban from India on cryptocurrencies. Cryptocurrencies are booming globally, and so it makes sense for India to keep up with this global trend and use crypto and blockchain for innovation and large scale job creation in the country.

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The content of the bill is not yet public but officials are confident of getting it passed in parliament. The government’s decision about penalties on those who would not liquidate their crypto-assets within the law’s grace period would be carefully assessed. One of the main reasons behind the move is reportedly a lack of regulation. Experts say that such currencies are highly volatile in terms of their value and could result in financial disaster for investors.

Thus, the Indian crypto industry is hopeful that the following months and years will see similar innovation in the crypto space in the country. However, one of the major issues that will need to be tackled if this is to take place is the lack of any regulation for the crypto industry in the country. The Finance Minister has reportedly reassured the industry that the ministry will work with the Reserve Bank of Indiato bring in legislation that will regulate the industry, while also promoting cryptocurrencies and blockchain. This will be a big boost to the sector, as it will provide guidelines for companies to operate by, while also protecting users and customers.

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The price decline came amid reports that India could ban cryptocurrencies altogether, potentially cutting off one of the biggest markets in the world. In India, despite government threats of a ban, transaction volumes are swelling and 8 million investors now hold 100 billion rupees ($1.4 billion) in crypto-investments, according to industry estimates. The bill was in line with India’s January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for its own official digital currency.

The government had reportedly tabled a bill in Parliament to this effect, and this news led to a lot of concern and panic among crypto traders, owners as well as businessmen in the country. Now, however, following months of lobbying, the government seems to have changed its stance. According to Finance Minister Nirmala Sitharaman, the Indian government will be taking a ’calibrated’ view towards cryptocurrency legislation, which has been seen as a clear sign that there will be no outright ban. This has understandably been met with relief, but industry observers and participants are still waiting to see what the actual outcome will be.

  • With the country’s chief financial officer saying one thing and the news from the country’s central bank being something else, the cryptocurrency dealers and other stakeholders are clearly confused.
  • Yesterday, a Reuters report, quoting a top government official, said India is proposing a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.
  • The UK government as well as the UK Design Council have endorsed PiPA as good practise for the design and provision of inclusion for outdoor play areas.
  • One of the biggest developments in the cryptocurrency sector had been the news that the Indian government was considering a ban on crypto trading and ownership in the country.

“This year, the global NFT market hit $100 million in total value and is expected to grow exponentially. It is being compared to the time when Bitcoin first reached the $100 million milestone and then exploded.” Mr. Pagidipati added further. “Bitcoin is involved in the same market dynamic as all Fiat money, where market forces determine its value much more than any kind of clear fundamentals,” he added. Because some investors tend to see bitcoin as a hedge against inflation, analysts believe the rise of bitcoin has been helped by the prospects of a steep economic recovery. “A Cabinet note is being prepared. It’s almost nearing completion and then it will be taken to the Cabinet. We will allow a certain amount of window for people to experiment on blockchain and bitcoin,” she was quoted as saying.

Even with today’s pullback, Bitcoin is still up over 1000% in the last 12 months after having a remarkably strong start to 2021 due to corporate interest in digital assets. More recently finance minister Nirmala Sitharaman had indicated the government would take a “calibrated” position, leading to some investor optimism. If proposed, such a bill would be likely to enacted into law due to the large majority in parliament held by Prime Minister Narendra Modi’s government. It would reportedly give existing investors six months to liquidate their holdings, after which they would face penalties. If passed, the measure would be one of the strictest in the world and would make India the first major economy to make holding crypto-assets illegal. If the proposed bill becomes law it would deal a blow to such investors. But as a relief, the bill would reportedly allow them up to six months to liquidate their assets after which there will be penalties on holding them.

See today’s front and back pages, download the newspaper, order back issues and use the historic Daily Express newspaper archive. In December of last year the Indian government said Bitcoin was similar to Ponzi schemes. India’s finance minister Arun Jaitley told lawmakers in February to “take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system”. Within hours of the news breaking out, Bitcoin and Ethereum fell dramatically in Indian exchanges like Unocoin and Zebpay. This is the driving force behind the design of Inclusive Play’s equipment and all the work that we do.

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Bloomberg reports that the bank’s researchers have shown more retail purchases than institutional ones in the first quarter of the year. he surge in Bitcoin’s price in recent weeks has been put down to a wave of new interest from companies and professional investors, as opposed to the general public who have been behind previous rallies. Having climbed to a new record of $61,606.06 on Saturday, Bitcoin had stumbled to $56,483.06 by yesterday. “While the bitcoin flow picture was dominated by institutional investors during Q4 2020, the flow picture has been more equally balanced between retail and institutional investors in the current quarter,” analysts at JP Morgan said in a note on Friday. The world’s biggest cryptocurrency was in retreat by the start of the week, down 6% to $56,366 by lunchtime in London. The crypto compass is currently in the hands of the Indian government and the American people. The situation in India paints a sudden and dark backdrop to what had been Bitcoin’s brightest spell in the flagship cryptocurrency’s 12-year-history.

Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data. The country’s central bank is also planning to develop its own digital currency, a move that would reportedly be encouraged by the upcoming bill. The proposed law would impose fines on anyone found holding, issuing, mining, trading or transferring crypto-assets, Reuters reported, citing an unnamed senior government official.

India’s central bank in 2018 ordered the country’s banks not to deal in cryptocurrencies, but the country’s Supreme Court struck down the order in March 2020, prompting investors to join in speculation in the area. An inter-ministerial committee set up by the Indian government to determine the legality of cryptocurrencies submitted its report in July 2019 recommending that private cryptocurrencies be banned completely. It noted that the government should keep an open mind on the potential introduction of an official cryptocurrency.

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