June 14, 2021

Is it true that bitcoin has got a mark of illegal cryptocurrency in India?

As bitcoins have attained huge popularity with millions of investors worldwide, many higher authorities are trying to impose a ban and create false rumors about this digital currency. The recent stories have worried a wide range of bitcoin owners in India that very soon, bitcoin will be considered as an illegal cryptocurrency after the official announcement. The reports suggest that millions of investors have invested their billion in bitcoins. The investors have started disinvesting from the bitcoin to offload this cryptocurrency from their portfolio. Keep reading for more information about the Elon musk effect on the bitcoin markets.

Everyone should understand the fact that there is no official announcement about the ban on bitcoins. There is no chance about the ban because a wide range of investors of bitcoins is from India, so you should just invest and enjoy transacting through the bitcoins.

At the present time, bitcoin has earned great attention by booking the position as a number of cryptocurrencies of the world. Bitcoin is a digital currency that is entirely based on a decentralized network. People are proud to invest in bitcoins because they have full-fledged control of this digital currency. When the bitcoins were launched on the internet, their value was less than $1, and as time changed, the value crossed the mark of $60,000. The reports suggest that its value has raised almost 800 percent in this time period. The most surprising thing is that a sudden hike in the value of bitcoins had occurred when the entire world was going through the pandemic Covid-19.

What was mentioned in a statement regarding the ban?

India’s central government mentioned imposing a ban on the use of cryptocurrencies like bitcoins. They discussed the launch of India-based digital currencies for people who have an interest in cryptos. But the Supreme court of India has lifted this ban and mentioned that it is not illegal, but there is not any separate legal framework developed for the bitcoins. This indicates that the financial authority of India is planning to establish a structured framework that will enable easy and hassle-free transactions. This is the only reason the officials have asked companies and organizations to give out all the details regarding transactions that are based on cryptocurrencies.

Many of the banks have stopped considering the acceptance of bitcoins because of the ban that was imposed by the government. The mind of individuals was covered up by the rumors that within a very short time, there will be a full-fledged ban on the cryptocurrencies. But this is not going to happen sooner or later as the SC has lifted up the ban by clearing that one can have a hindrance free of bitcoin in India without getting worried about any kind of risk. They can invest as much as suitable by them, and if there will be any plan to implement the ban, the investors will get enough time to take action regarding the investments in the cryptocurrency.

The smart investor has made a good investment in bitcoins, and they are making a handsome amount of revenues from trading. But beginners and inactive investors have formed an image in their mindset that bitcoins have no future price stability. In the upcoming times, the bitcoin bubble will burst, and investors will face a loss that is beyond their expectations. Bitcoin is a highly volatile cryptocurrency that faces regular ups and downs. If the individual has some potential to understand the nature of bitcoins through the research reports, then he can definitely deal with this issue. No doubt that a good amount of revenue will be attained in the end.

After going through the current status, which you would have observed that there has been a huge fall; many investors have stepped out by facing loss and gain both at the very moment. One should only enter the bitcoin world if they can meet a downfall in its value because the good day always comes after the bad night. There is no need to worry about bitcoin getting banned because it is one of the versatile digital currencies.

About the author 

Peter Hatch

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