Ground Report | New Delhi: cryptocurrency ban India; Millenials in India buying cryptocurrency like crazy. Brokerchoose report has revealed that India has the largest number of Individuals holding cryptocurrencies in the world. The United States is at number two and Russia is at number three. If we look at the number of crypto owners in terms of population, then India is at number five with crypto ownership rate, but the number of investors in proportion to population, the rest of the countries are nowhere in front of them.
The number of individual crypto owners in India is 10.07 million, while the US has just 27.4 million and Russia has 1.74 million. But the question is, what if Government of India ban cryptocurrency? Is it a safe investment?
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Indian Govt. is known for Banning
As we already know that, under PM Narendra Modi’s leadership India has taken many drastic economic steps. To capture black money they banned 500 and 1000 rupee notes, which eventually came out as disastrous step. From chinese apps to Non veg food and Adlut site. PM Modi’s govt. is well known for Bans. So what if, one fine day they Ban Cryptocurrency. What will you do? What would happen to those Millions of people who are investing their money in Crypto?
What if any country bans cryotocurrency?
- If your country will ban cryptocurrency then transactions between the bank and crypto exchanges will stop. It means that you will not be able to convert your local currency into cryoto coins. Also you will not be able to encash your crypto coins. Your cryptocurrency will be on HODL ( Which means hold).
Then what will you do?
- Remember one thing, Govt. can ban crypto but not Internet. Cryotocurrency is virtual currency, it’s soul is in Internet.
- So after Ban, you have to transfer your coins to person living in a country where crypto is still legal. So you can encash it by a bridge. But this will cost you some fees. Because money exchange take charge to convert currencies. So there is no dead end.
- Govt. Banned adult sites- You got cloud
- Govt Banned Pubg- You got VPN
- So in the world of Internet there is no such thing like complete ban, you will get alternative way.
Why Crypto is so popular in India?
- Crypto is new cool among youngsters. Everyone ask nowdays ‘ Oye tere paas crypto hai’?
- 2nd generation in a middle class family has lots of money to invest. They do not need to worry about basic requirements.
- Crypto is attractive because it has given very good returns.
- Crypto is getting acceptable on many online platforms.