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The price of Bitcoin has crossed the mark of $54,000 recently after Tesla announced buying a massive amount of Bitcoin, but in India, Cryptocurrency Bill is gaining limelight as it decides to ban the cryptos.
Over the world, Bitcoin is a hot topic among investors as it continues to surge to reach its new heights. There were many rumors earlier that the Indian government is going to ban all private digital currencies. Although they plan to launch their official cryptocurrency, banning all the private crypto is not a solution.
Suppose these rumors come out to be accurate. In that case, the Indian investors will neither be able to invest in crypto assets nor will they build any company using blockchain technology. It is impossible to develop and back blockchain companies if the cryptos got banned because blockchains may require a crypto token to power the process.
The Indian government is undoubtedly trying to protect its investors from any sort of harm with this step, but is it going to help? Is the ban essential? Well, everything comes with a cost. If the country is planning to protect its traders, it will undoubtedly be going to lose many opportunities. Bitcoin itself is a vast opportunity that offers a value transfer system by reducing corruption and resisting inflation.
Many investors certainly believe that this step by the Indian government could cause a large amount of loss to India. Crypto technology is a kind of anti-fraud technology because it transfers trust and value through blockchain networks. It seems that investors are much aware of blockchain technology opportunities as Indian companies have recently launched a website named IndiaWantsBitcoin.org to protect the innovation by calling for positive regulation. The government certainly plays an essential role in deciding the safety and security of its citizen. Still, in a democratic country like India, Investors should be given the right to choose the investing options.
Crypto assets have a considerable amount of risks associated with them, and they certainly need regulation to bring more transparency. In our opinion, there are many other ways to achieve the goals without banning all the crypto assets.