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India would plan to ban cryptocurrency mining and transactions

Andy Vilchez
3 min read

As has been known, India could be preparing a law that would prohibit mining and cryptocurrency transactions throughout its territory.

If this happens, it would be another big blow for the cryptocurrency. Let's remember that just a few weeks ago, China prohibited its inhabitants from carrying out any type of transaction with cryptocurrencies.

India would plan to ban cryptocurrency mining and transactions
Cryptocurrency ban in India.

All this comes from a recent law that is being carried out within the Indian parliament, in which the issue is being dealt with. According to lawmakers, the law is because the population has been becoming fond of cryptocurrencies, which can lead them to make bad investments.

Additionally, they assure that there is a growing wave of advertising in favor of cryptocurrencies in which people are encouraged to invest in them.

As has been indicated, these are "irresponsible" advertisements, since they encourage people who have never made investments to invest, especially in the younger population.

But not only that, but it has also ensured that cryptocurrencies are a danger to national security. And this is because they could be being used by criminals to finance illicit activities, as well as terrorism.

This next November 29 will be the day on which this law will be discussed in the Indian parliament. It is at this time that legislators will deliberate and decide whether the law progresses or not. However, as it has been known, it seems a fact that this law will end up being approved.

The growth of cryptocurrencies in the Indian market

India would plan to ban cryptocurrency mining and transactions
Cryptocurrency growth in India.

Since 2020, cryptocurrencies in India have seen an increase of around 600% and this increase has been one of the main things that has alarmed Indian MPs. In fact, according to the data, around 10% of people in India have or transact with cryptocurrencies.

Does the ban have anything to do with launching your own cryptocurrency?

India would plan to ban cryptocurrency mining and transactions
Cryptocurrency ban in India.

Just a few months ago, the central bank of India announced that it was working to create its own cryptocurrency. There is no date for the launch of this yet, however, this move to ban bitcoin could be a strategy to avoid competition.

So far this is just speculation, and it is not known with certainty if this would really be the reason. In any case, it only remains to wait until next November 29 to find out if this law is approved or not.

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India planearía prohibir las transacciones y el minado de criptomonedas
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Andy Vilchez

Member since over 1 year

Amante de la tecnología y los videojuegos. Aficionado a la criptomonedas y todo lo relaciona con ellas. Me encanta escribir y se ha convertido en mi pasión.

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