Hello friends welcome to all of you with my new post cryptoban and cryptoregulation in India, hope you all are fine safe and healthy from every misery.
On Wednesday morning when I wake up early in the morning and had a cup of tea then went for business duty suddenly my friend @shabir ah dar called me by cellphone hey Suhail wazirx crushed tonight have you seen it what happened brother he replied the news coming out from the govt of India (Lok Sabha) parliament India will introduce a bill to ban private cryptocurrencies.
Then I opened my wazirx application and looked into my portfolio it was remaining only 50 percent 😓😓 but I did not fear because it a part of the market up and down now come to the point.? What is difference between @Ban and @Regulation.
Cryptocurrency Ban
To summon, to call out, or to anathematize to pronounce an ecclesiastical curse upon to place under ban.
So the Lok Sabha bill from talks about banning of all private cryptocurrency, effectively prohibiting the use of such cryptocurrency with in the country either for transactions or for investments and yes in all probability this is what proposed bill means. A ban on all existing cryptocurrences (source).
According to the reports prime minister Narendra Modi warned last week that bitcoin is not suitable for younger generations and can spoil the future of young icons of India if it ends up in the hands of wrong hands.
Regulation
(Image pixabay)
A law or administrative rule issued by an organisation used to guide or prescribe the conduct of members of that organisation.
Now come to the point of cryptocurrency Regulation the utility value of bitcoin highlighted by the government and regulators around the world for criminals. The regulation means that cryptocurrency should not fall into the hands of bad boys. There should be a strict rule against the money laundering, extortion, terror funding, gambling and security from crypto hackers.
Why panic
As per my personal opinion this is good step taken by govt of India to regulate the crypto assets. Their attention is to make cryptocurrency transparent because the investors like big companies, brand business ambassadors should not face any problem while using bitcoin. And this is good news for investors.
If we look back one of the tweet of Indian exchange wazirx CEO Nischal Shetty he told we want crypto regulation in India since 2017 when this rule comes Infront us then why panic.
Opinion
India is the second populated country after China so my country should be great in every field including cryptocurrency so there should be strict regulation.