In another round of FUD coming out of India there are reports circulating that India may yet again consider banning cryptocurrency trading. Let me tell you while it's true that the government is clamping down hard on Ponzi scheme and funding such schemes, there is no ban whatsoever on trading of cryptocurrencies on any Indian exchange.
“The bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.” -PIB, Govt of India
You can read more about the bill on the government website here.
Regulated deposits generally means that a ceiling and restrictions are imposed by a government regulator. But this doesn't mean that the cryptocurrencies will necessarily fall into the ambit of the bill.
Let the following image from a newspaper clipping of a top publication clarify it further. It is as specific and clear as it can get.
Some mainstream news agencies are creating FUD again and I've had a dozen people ask me if Bitcoin has been banned again! It was never banned in India and unlikely that there will be a ban on trading cryptocurrencies.
If you are a Steemit user, Bitcoin investor or a cryptocurrency enthusiast holding alt-coins in general, you needn’t fear anything. It’s business as usual for now in India. Please donot panic sell your coins yet again.
However, there are some new developments on the banking front with some banks yet again suspending accounts of exchanges. More on that in the next post.
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