Crypto Ban in India Might be a Rumor

Crypto Ban in India Might be a Rumor

The crypto enthusiasts have been following the latest developments in India with regard to the overall ban purportedly to be imposed by the Indian Government on the use of crypto. According to reports from the local Indian media house a few hours ago, it is said that the news regarding the imposition of a ban on crypto in India might be a “rumor”.

Whether the news is just a rumor or true, the people who are part of the crypto industry within India are anticipating the imposition of the ban very soon because the country had earlier went under a ban in the year 2019 imposed by Subhash Chandra Garg who was the former Finance Secretary of the Indian Government. The ban, however, got lifted only in March this year when the highest court of the country i.e. the Supreme Court struck down the ban.

The reports coming out from credible sources such as Economic Times as well as from Bloomberg regarding the ban and its latest developments are also causing more unrest and panic amongst the crypto enthusiasts in India. However even though without the backing of any Government Official making any statement, the report is still making headlines everywhere and suggests that there is a high possibility of imposition of a ban in India very soon.

However, today there was a growing uncertainty amongst the masses regarding the passing/moving of any bill by the Indian Government today. Many of the Indian crypto investors have reportedly said that it is like they have gone back in the past when in the year 2019 ban was imposed. The only thing which is favoring the conditions in India is that the Supreme Court had earlier allowed crypto trading to prevail in the country and as a result of the decision of the Supreme Court, the cryptocurrency trading business in the country flourished to a great extent.

On the other hand a member of the Parliament namely Subramanian Swamy said that “cryptocurrency is the future” and furiously quoted that if another ban is imposed on the crypto trading business in the country then it will be a “madness”.