Blockchain ScoopsCryptocurrency

India To Not Ban Cryptocurrencies: Shall Treat Them As Trading Assets


Fortnite season 5 has started its first challenge week in 2018. As it appears, it is not the only challenge the world is excited about. India has recently taken over France to be World’s 6th largest economy.  But as the world is changing at a rapid pace these economies need to embrace the change with wide open arms. India has shown the signs of opening its arms to cryptocurrencies right after net neutrality. The major news coming from sources today is that India has lifted the ban on possession of cryptocurrency (ies). I will take you through a timeline of exact happenings. As a result, it eases your understanding. Because it might be a little bit tricky.

January 2018
I estimated that India has not completely banned the cryptocurrencies. Hence, there must be some other plans for the same. I wrote an article in which I mentioned the future of India’s stance on the same. Click here to read that article. As we observe now, those words are gradually turning to reality. Techie Scoops Media has already covered the future in January 2018.

April 2018
Reserve Bank Of India issued an order to all the connected banks. It asked to stop their customers from making any transactions in favour of digital currency sellers. In effect from 5 July 2018.

July 2018
The above orders came into action. But just a week after that this news comes in.

The News.

India might not completely ban the possession of cryptocurrencies. The possessions will be held equivalent to owning a property and will be taxed for the same. As a result, their trade will not be illegal as well. Hence, we can say that it will be treated like any other trade.

Indian government will release the regulations in July……Hopefully.

The Verdict.

India might not have legalized the use of cryptocurrencies but has given clear indications that it is in no way interested to completely ban it. It will be interesting to see how India benefits from this in its dream to be the World’s largest economy in coming times.  For all the latest trends, tech news and reviews follow us on Instagram, TwitterFacebook. Subscribe to our newsletter to get all the latest articles directly in your Inbox. Also, what’s your thought on this great news? Comment down below!

Vishwajeet Ranade
[1] Electronics and Telecommunication Engineer(University Of Pune, India) [2] Software developer (SAP ABAP/JAVA/C++ etc.). [3] Microsoft Certified Technology Associate in Security Fundamentals. [4] IBM badge in Blockchain Essentials [5] IBM badge in Blockchain Developers Course [6] Trained in Biofield imaging technology from Centre Of Biofield Sciences (Affiliated to institute of complementary Medicine, UK) [7] Blockchain Researcher [8] Researcher in Image Processing, Audio technology and Physics

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