Should Bitcoin be banned in India ? Crypto currencies latest news 2022

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Should Bitcoin be banned in India ? Crypto currencies latest news 2022
Should Bitcoin be banned in India ?

Should Bitcoin be banned in India ?

defining cryptocurrency

if it is a currency in how many countries can one use it as such only one country allows cryptocurrency is to be used as legal tender and the answer is El Salvador

So if it is not a currency what is it then so the question about cryptocurrency If he’s not currency what is it then is it a commodity  that you can buy and trade like the Pokemon cards you use to buy and then trade in your childhood or the WWE cards that you use be to trade or is it an asset in which you can invest with the hopes that the value of your investment would grow in the future and you get better returns and trade the property has an asset. this is the reason why in many countries regulators used the term Crypto assets for cryptocurrencies.

what is the need to regulate cryptocurrencies?

government says that cryptocurrencies and Bitcoin are used for money laundering four founding criminal activity by criminals and for tax evasion. actually if you look into the foundational ideas behind cryptocurrencies the basic fundamental idea is is decentralization today every government control the monetary system of its country through their country’s Central banks and because Bitcoin and cryptocurrency are so decentralized they are not of the control of the governments, but the government do not want to give up their control in my 2011 the largest Oil pipeline system in the US was targeted by the ranson .

where Attack by hackers they named it colonial pipeline they shutdown the entire pipeline for a few days and they asked for Bitcoins as ransom days hackers now that Bitcoin are anonymous and they cannot be track the sources aur at destination of the payment or the location of the receivers so the p l a n n e d accept the payment and live without any fuss ,

but within Some weeks the US government ,actually track these hackers and recovery the Bitcoins these was very surprising because up till this point-in-time many peoples beloved that Bitcoin and cryptocurrency is are actually anonymous that no one would get to know the sources or location of the Bitcoins or how they are used the reasons was that the US government has a lot of resources to trace the IP address to recover the Bitcoins the sum cannot be said for the government of other countries if we talk about money laundering then according to the enforcement direction of India 40 billion was laundered outside India in the last year by using crypto currencies .

money laundering Attack by hacker terror financing are define i t e l y l e g i t concerns regarding Crypto they are seated as a reason why there are strong need for regulations let’s talk about regulations what have the other countries done to regulate Crypto in most countries friends Bitcoin and cryptocurrency is through legal are not legal tenders meaning that they can’t be used as currency but can be used for other purposes it is legal to buy sell and use them as assets .

for example Bitcoin is legal in the USA and it is a taxas property in countries like Germany even banks are permitted to buy and sell cryptocurrencies in fact the European Union does not charge any VAT or GST on Crypto cryptocurrencies are treated as property in Australia as well so that a capital gains tax can be l l e v i e d on them on Profit arising out of it on the other hand countries like Turkey it is legal to trade in cryptocurrencies and 

to hold them after buying but using it for banking is b a n e d it is completely e illegal to use it is as currency whereas the other countries that I told cared about if someone their says that they would accept payment in Bitcoin that are allowed some people may accept it as currency so overall in most countries the rule is that cryptocurrencies are accepted as a digital Assets and commodities and they are even tax,

but then there are countries like China it has a complete ban on cryptocurrencies

As of November 2021 according to the Library of Congress there are only 

9 countries in the world that has an absolute ban on cryptocurrencies

  1. Algeria ,
  2. Bangladesh ,
  3. China ,
  4. Egypt ,
  5. Iraq ,
  6. Morocco, 
  7. Nepal ,
  8. Qatar and 
  9. Tunisia.

China or El Salvador | crypto currencies views

since China is the largest country among them let’s focus on China since 2013 eight years ago China had started p a t i n g restrictions in 2013 they said that banks are not allowed to do crypto currency transactions 4 year later in 2017 they said that the payment gateway that do cryptocurrencies transactions would be Ban it that’s the reason why binance the largest cryptocurrencies exchange platform in the world all throug grounded in China in 2017 ate relocated its headquarter outside China to the c a y m a n Iceland but in 2021 China made its rule stricter in June the banner the meaning of cryptic Bitcoin can’t even be m i n e d the country and then put up wholesale ban in fact the rule state that this rule is applicable even outside the borders of China .

what was the impact ?

of April 2021 two-thirds of the Bitcoin mining in the world was the assert in China but by July 2021 this is Bitcoin mining moved out of China the Bitcoin miners started of operating from Kazakhstan. The USA or Canada them moved out of China or they simply sold off their equipments are there simply sold off their equipments and leave industry in a way this industry excited China on the other hand in Salvador and the Bahamas are the exact opposite of China ill Salvador was the first country to make Bitcoin legal tender p r i o r to that only the US dollar used to be legal tender in their country it means that not only is bitcoin legal it can even be used to buy other things.

cryptocurrency in India

initially ,the government tried to ban it as soon as possible the RBI had Ban it cryptocurrencies in April 2018 but this band was legally challenge in court and the supreme court in its landmark judgement struck down this ban in March 2020 the supreme court held that the business opportunity from crypto currency exchange treatment by the Ban and bening everything is not the solution they accept that these are negative points related to cryptocurrencies that they have the potential to be used for wrong full purpose but it does not call for a ban proper regulations are needed instead  and finally the government has started to understand the points that’s why they are discussions on framing regulations for it time will tell what there’s regulation would entail

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