Amid restrictions by many countries in the world yet another country, India has taken down cryptocurrency in the Indian market. It has declared cryptocurrency to be illegal tender i.e. neither we can trade in it nor can we able to use and has committed to crackdown all operations in crypto trading. Arun Jaitley, the finance minister in his budget speech today has pledged to eliminate the crypto market from India and declared all transaction in bitcoin or another cryptocurrency to be void. From many months Indian government has been planning for regulation in the crypto trading but this decision came as a sudden jerk to the Indian market and traders which hold almost quarter asset in the crypto market.

Image result for CRYPTO BAN

⇉There reason to this clampdown is just as more and more youngster are putting their hard-earned money into highly volatile cryptocurrencies in hope of greater gains  and this will certainly lead to country budget deficit in the future as many hard investors are manipulating this market from outside India unethically via making groups on hike and other private channels and fixing the low and high of the market intentionally.
Also, there was suspicion among governments for many criminal activities and terrorism going on using the bitcoin network. There were several instances where hackers have duped the traders via new fake coins and exchange platforms, there has been the tremendous hike in cybercrime due to bitcoin transaction in the network all over the country.

This is yet another black day or huge blow for the crypto world and this gradual decline of Crypto reign is coming to an end slowly. Though I believe in crypto technology huge volatility in this market is generally leading to its abandoning by many countries one by one.  


I have been a developer for last five years working experience in different technology, apart from this I loved traveling, blogging and exploring the crypto world.

Post A Comment: