Bitcoin news#5 : why crypto ban hurt 50 lakhs(5Million) of Indians and 20000 block chain developers from india

In 2017, it was reported that the Reserve Bank of India was considering a proposal to introduce its own cryptocurrency akin to Bitcoin. That crypt currency was to be called as 'Lakshmi' – after the goddess of wealth. The idea died a premature death

policymakers seem to have opted for the latter, taking an antithetical stance against digital currencies

The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes, issues or deals in cryptocurrencies”. Trade in cryptocurrencies was a regulatory grey area in the past, giving many enterprising individuals a new avenue for investment.

Bill for banning cryptcurrency in india

After the rejection for Laxsmi
RBI decided a bill for banning the cryptOcurrency(bitcoin,etc,..)
But bill didn't pass yet
Congratulations,Indian readers (😊)

‘5 million Indians own crypto’

Nischal Shetty, founder and CEO of the cryptoexchange WazirX, says that the growth of crypto trading has been increasingover the past few years. He adds that an arbitrary decision to criminalize investing in digital currency could destabilize existing businesses which have been operating legitimately, eroding the wealth of millions. “If the bill becomes a reality then India would be the first large democracy to ban crypto. Over 5 million Indians own crypto worth millions of dollars. They'll have to simply dispose it off and lose all their wealth,” he says

The case against the Bill rests on the positive influence on finance, and how legit businesses have harnessed crypto as an asset class for them. Moreover, the government coffers have also received contributions from the crypto industry. Bharat Sharma of HSA says that income generated from crypto trade is taxed under the head, profits and gains of business of profession

If crypto ban It also LEADS TO TAXMAN'S LOSS