The Government of India has announced that it will ban all cryptocurrencies, especially Bitcoin and Ethereum. With the announcement, it was stated that cryptocurrencies could be a threat to the future of young people; It was stated that digital wallets where cryptocurrencies can be stored will also be banned, along with advertisements that encourage people to invest in this sector.
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India imposes jail time on crypto use
According to information Reuters received from an unnamed source, the Indian government has warned those who violate the cryptocurrency ban. sentenced to imprisonment without an arrest warrant. Again, according to the same source, the government does not only process cryptocurrency payments; as well as individual citizens mining, trading etc. transactions will forbid them to do so.
India’s ban will also hit the NFT market, according to Anirudh Rastogi, founder of law firm Ikigai Law, who spoke to Reuters. Lawyer Anirudh Rastogi, in his statement on the subject, “If no payments are allowed and no exceptions are made for the transaction fee, this decision will effectively halt the development of the blockchain and NFT as well” shared his knowledge.
According to estimates, there are around 15-20 million crypto investors in India. The total crypto assets of these investors are 450 billion Indian Rupees corresponds. If we translate this into US dollars, it corresponds to roughly 6 billion dollars. India, which is the second most populous country in the world with a population of 1.38 billion, will eliminate the crypto money industry in the new period.
China declares cryptocurrency activities illegal
In August, Yin Youping, Deputy Director of the Financial Consumer Protection Bureau of China, stated that cryptocurrencies are not a legal tender. declared that it has no real value and stated that the Central Bank of China’s pressure on this sector will continue.
In September, the People’s Bank of China declared all cryptocurrency transactions, especially trade, illegal. All cryptocurrencies, including Bitcoin, were turned upside down this weekend after India, following in the footsteps of China, announced that it was also banning the sector. BTC has lost 22% of its value. $42 thousand dollars declined.
However, Bitcoin, which has risen again today and exceeded the 50 thousand dollar limit, has started to recover. According to CoinMarketCap data, the popular cryptocurrency current value of $51,038.40 level.
Note: It is not investment advice. It has been prepared for informational purposes.