Wednesday, May 22, 2024

A complete ban on Cryptocurrency in India: What’s next?

A baffling recommendation put forward by Indian Government to ban cryptocurrency completely took many by surprise. Various Crypto start-ups and investors were dealt with a hefty blow who considered it a violation of Article 19(1). This article gives the basic right and freedom to business in any sector or trade. Thus, it totally remains debateable whether the decision made was right or wrong. As of now, all the buzz surrounds around one question which is “What lies ahead?” or “What’s next?” The aftermaths can be extremely detrimental to many while benefit Government on the other hand.

  • Is it really possible to ban it all?

The practicability of this ban has various aspects attached to it. The heavy penalty and punishment related with it can make it possible to fully ban it. State carries the utmost sovereignty and have all the authority to implement a complete ban. This has led to a huge scare among the existing stakeholders who are readily concerned about their future. But on the other side, you should not forget the world one is living in. An era of technological and scientific revolutions, where such crypto transactions would be hard to tackle with. Cryptocurrency is easily transferred and stored without any kind of interference from the third party. All in all, where certain penalties will create scare among stakeholders, someone with technological know-how can earn, lend without leaving any kind of trace.

  • What can be the exit strategy for the stakeholders?

With over 50 lac crypto traders in India, one must wonder, would they be entertained? Or will there be a harsh and ruthless exit? I guess, only time can and will decide. Severe confusions and bulging tensions loom over the head of many, but there was no clue for exit given in the report which was made public. Though, several analysts have given their view. Some believe that huge Angel investments in cryptocurrencies can never go useless. Government will surely design an exit strategy for them. While some say that such illegal currency transactions do not carry any sound basis to be backed up by Government. So, only time will decide which side does this issue tilt toward.

  • Will this decision be any fruitful in future for Indian Government?

It was always coming to be honest. It all started back in 2013 when the matter was taken into Supreme Court. Crypto Investors denied all such attempts made by Government to the extent feasible. But they only could have done that it for long enough possible. Dark shadows started to loom and finally, The Inter Ministerial Commission gave the recommendations to fully ban it. Government believes that it will end the economic anarchy created due to cryptocurrencies. Illegal trading will be contained by heavy punishment and penalties. Steps do seem to be beneficial in long term for Government, but for now, they will have to face a huge reaction from stakeholders and Business Persons.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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