{"id":14158,"date":"2021-01-31T05:25:02","date_gmt":"2021-01-31T05:25:02","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=14158"},"modified":"2021-01-31T05:27:10","modified_gmt":"2021-01-31T05:27:10","slug":"news-commentary-1277-ban-of-private-cryptocurrencies-like-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=14158","title":{"rendered":"News Commentary #1,277 – Ban Of Private Cryptocurrencies Like Bitcoin?"},"content":{"rendered":"

We’re following the top crypto-narrative around the world related to adoption of this brand new financial sphere “beast”. Most of the news is quite positive<\/strong> and shows us new technological levels that will make life better, but we also cannot ignore some of the warnings<\/strong> .. In the article below, the latest news on the possible ban of private coins<\/strong> in India ..<\/p>\n

Could this issue affect Bitcoin and many other coins? In my opinion, YES, of course, this can lead to pumps and dumps in prices. It is unlikely can completely destroy it however, but it’s still better to be aware of that.. Let’s read:<\/p>\n

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India\u2019s Proposed Crypto Ban Has Investors Nervous, May Feed Anti-Bitcoin Narrative<\/h3>\n<\/div>\n
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The move is bound to make potential and current crypto investors outside the country uneasy as well.<\/p>\n

\"\"<\/p>\n

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India\u2019s cryptocurrency investors were caught off-guard and left confused after\u00a0news\u00a0broke Friday that the country\u2019s Parliament will be considering a government-backed bill that would ban \u201cprivate\u201d cryptocurrencies. Given the ruling party controls both houses of Parliament, the bill\u2019s chances of becoming law are good.<\/p>\n<\/div>\n

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The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 would prohibit cryptocurrencies in India and provide a framework for creating an official digital currency to be issued by the Reserve Bank of India (RBI). The RBI had previously prohibited crypto trading for almost two years before that ban was\u00a0overturned\u00a0by the Supreme Court in March 2020.<\/p>\n<\/div>\n

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Industry watchers said the government\u2019s definition of \u201cprivate\u201d could imply that any digital currency that is not sovereign could be seen as a \u201cprivate\u201d currency, including\u00a0bitcoin\u00a0(BTC, -1.25%). It\u2019s unclear which cryptocurrencies would be affected as the bill it allows for certain unspecified exceptions to promote the underlying technology of cryptocurrency and its uses<\/p>\n

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\u201cThis is (the) time to be nervous,\u201d an official at a large cryptocurrency exchange\u00a0said\u00a0to the Economic Times of India on the condition of anonymity.<\/p>\n<\/div>\n

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The move is bound to make potential and current crypto investors outside the country nervous as well. When naming potential obstacles to the growth of bitcoin as a store of value, that governments will try to ban it should it become too successful almost always makes the list. This past week, while appearing more warmly disposed toward bitcoin than he had in the past, Ray Dalio, the founder and co-chairman of Bridgewater Associates, the world\u2019s largest hedge fund,\u00a0listed\u00a0government prohibition of bitcoin as one of his remaining concerns regarding the cryptocurrency. That one of the world\u2019s biggest economies seems poised to do just that is only going to feed that narrative. News of the likely ban may have been a contributing factor in the fallback in the price of bitcoin Friday after it had risen in response to Elon Musk\u2019s Twitter-bio\u00a0shoutout.<\/p>\n<\/div>\n

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Nischal Shetty, CEO of Mumbai-based cryptocurrency exchange WazirX criticized the announcement via\u00a0Twitter, explaining \u201cthere is no such thing as a private cryptocurrency\u201d and the bill is aimed at helping the RBI create its own central bank digital currency (CBDC) by banning so-called private cryptocurrencies with some exceptions.<\/p>\n<\/div>\n

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\u201cA country as large as India should at least work on understanding the underlying terminologies before presenting technology-related bills in Parliament \u2013 seems like a hurried move,\u201d said Shetty.<\/p>\n<\/div>\n

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Adding that just because a bill is presented does not mean it will be cleared and warned, \u201cwrong or hasty regulations will set us [India] back by a decade. Right regulations will catapult India to the forefront of this technology.\u201d<\/p>\n<\/div>\n

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If the bill becomes law, India would become the only major Asian economy to ban private cryptocurrencies rather than regulating them like corporate stocks.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n

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We’re following the top crypto-narrative around the world related to adoption of this brand new financial sphere “beast”. Most of the news is quite positive and shows us new technological levels that will make life … News Commentary #1,277 – Ban Of Private Cryptocurrencies Like Bitcoin?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,4266,4996,4997,3545,1874,2189,4286,3544,4331,3669,3546,142,4265],"class_list":["post-14158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-ban","tag-bitcoin-gamestop","tag-bitcoin-governments","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-investment","tag-bitcoin-money","tag-bitcoin-news","tag-bitcoin-price-prediction","tag-bitcoin-price-update","tag-bitcoin-update","tag-chain-split-for-bitcoin","tag-crypto-ban","exalt-entry"],"yoast_head":"\nNews Commentary #1,277 - Ban Of Private Cryptocurrencies Like Bitcoin? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=14158\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,277 - Ban Of Private Cryptocurrencies Like Bitcoin? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"We’re following the top crypto-narrative around the world related to adoption of this brand new financial sphere “beast”. 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