India is moving towards banning all cryptocurrencies besides a select few approved by the government in a new bill. The bill has set a framework for an official cryptocurrency to be issued by the Indian government. All other cryptocurrencies are set to be banned including Bitcoin and Etherium.
The prime minister of India has stated that all nations should work together to ensure the safety of cryptocurrencies and make sure they don’t “end up in the wrong hands”. We believe this is due to the nature of all the fraud happening recently in the crypto space. This is wild considering the whole point of cryptocurrencies is that anyone can buy and sell decentralized currency. India trying to make its own digital currency that will be held by the reserve defeats the whole purpose of cryptocurrencies as a whole.
The minister claimed the current state of cryptocurrencies is prone to money laundering and financing terrorist acts due to its unregulated nature. But the unregulated nature is what gives cryptocurrencies their worth to many.
The new bill will also restrict the marketing and advertising of cryptos within India. This is to stop the investment and attraction of Indians to buy banned cryptos.
This currency that India is known as Central Bank Digital Currency or CBDC. Very original I know. Their CBDC is set to launch next month.
A rough estimate has said that there are about 15-20 million crypto investors in India. So this ban will be felt all along the Cryptocurrency landscape and we expect a big drop in December due to this ban. This doesn’t mean sell, this means buying the dip because it will only be a temporary drop.
We here at NoFaceTech will be buying the dip, but this is in no way financial advice, and heck what do we know. Cryptocurrencies might not even experience a dip due to this. If it does dip you can bet we will be buying more.