India To Prohibit Crypto Currencies Turnover

Cointelegraph source reports that the Indian Government regards the possibility to prohibit cryptocurrencies transactions within the sub-continent completely. Nowadays, India is one of the populated countries in the world. Its cryptomarket growth seems to be impressive. For instance, CoinDCX, an India-based exchange, demonstrated the skyrocketing growth in May. Q1 2020 resulted in 47% growth which coincides with general bullish track worldwide. Thus, taking into account its population and the great share of young people in the country, India is one of the most promising cryptomarkets in the world.

Nonetheless, as per the Indian Moneycontrol report, the government of the country is considering the possibility of blanket prohibition of cryptocurrency trading. It is expected that the bill might pass the Indian parliament when it reconvenes. It might be late September or the first days of August.

The first time the Reserve Bank of India banned on any banking transactions related to cryptocurrencies. But that prohibition was cancelled by the Supreme Court of India in March, 2020. That decision aroused spur on the national crypto market and inspired a great deal of Indian crypto investors. The consequences of possible blanket ban on crypto transaction are still unclear because many India citizens regard crypto as best alternative in comparison with traditional assets which have been beaten due to the world economy slowdown.

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