Will Cryptocurrencies will be banned in India?

Will Cryptocurrencies will be banned in India? - Talk Some Techy

First of all, lets know about the the world famous cryptocurrency Bitcoin.

Bitcoin is a type of coin which we cant feel because it is not present like our other currencies in the world. This cryptocurrencies are present digitally means all your exchange of coins are done digitally. Bitcoin also have a low value called Satoshi. The founder of Bitcoin was Satoshi Nakamoto. Bitcoin was found 9 years ago in 2009. Bitcoin is also a type of electronic cash. There are many websites which provides free bitcoin or you have to buy them one of the method is to mine bitcoin. Like your currencies are stored in bank bitcoin are also stored in bank called Blockchain. You will get many number of Blockchain on net today .

Today, there is a craze of cryptocurrency around the world.Everyone is trying to invest in it and make money. Today the price of 1 Bitcoin is $7395 which means in Indian Rupees it would be 507184.25. Bitcoin can be earned from many sources like buying the Bitcoin when the price goes down and sell those coins when the price increases. There is one more way to earn Bitcoins is Mining. You can mine Bitcoinsat your home but for mining you should have strong computer and high voltage electricity because mining of coins consume a lot of power.

Once, Bitcoins were at a price of $20,000, but now the price are decreasing day by day. Every investor in Bitcoins are in loss. There are some reports that the price will not increase. There are many other cryptocurrrency like Ethereum, Zcash, Dash,Ripple,Monero and there was a rumor of Jio coin also, but what happen if your country bans cryptocurrency transactions. Here are some countries name where cryptocurrencies are ban Iceland, Vietnam, Bangladesh, China.

Nepal, Indonesia and even India, yes India On July 6 supreme court had banned banks which deal with the transactions of cryptocurrunecy. There will be no transactions of cryptocurrency in India. India’s central bank has announced a ban on exchange of cryptocurrency. Before the official announcement from government the government has given several warnings.

Government has not banned the trading of Bitcoin you can trade your Bitcoin but you cannot use as mode of payment. Bitcoin is still legal India and in some countries it is illegal like Russia, Australia and some other countries.

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