Bitcoins is the world’s number digital currency with a huge market capitalization that had exceeded $1 trillion.
If we talk about the trend of bitcoin in 2021, it had made an achievement by reaching its highest point at $65,000 in the month of April.
This was not less than an achievement for any digital currency because even bitcoin has attained this value after more than a decade.
The currency has experienced several ups and downs within the struggling period, and it is quite a normal thing in terms of cryptocurrency.
But the cryptocurrency investors in India are facing one more worry.
- They have heard the rumors that bitcoins will soon get banned in India, just like the ban of bitcoin announced in Turkey overnight. Yes, Turkey has imposed a ban on the use of bitcoins as users will not be able to get any product or service by investing in bitcoins. The investors from Turkey had invested their millions in the bitcoins, and they are not left with any other option after implementing this ban.
- Most of the Turkey-based crypto investors are now looking for the valid reason that the Central Bank of Turkey has mentioned as the reason to ban. This is because there was not even a minimal idea that a nation like Turkey, where the bitcoins have grabbed the attention of a wide range of users, will ban bitcoins and other cryptocurrencies.
- Just after the tweet about this ban, the investors from India think that next is their turn to face such a situation as the Central bank of India will anytime announce the restriction to use to consider the cryptocurrencies at bitcoin prices. There were only exceptional people interested in investing their valuable money to invest in digital currencies like bitcoins. Still, as time changed, the high trend in cryptocurrencies was easily observable.
- You would surely have heard about India’s Central bank ordering its fellow banks to stop offering services for transactions related to bitcoins. But Supreme court of India ordered to lift such restrictions so that users can access their bitcoins according to their suitability. This gave hope to people that they will not have to face issues like such bans in India. But the frequent ban by Turkey has again made people worried as they think that soon they will have to go through this.
Has Turkey’s central bank mentioned about valid reason to impose the ban?
The sudden ban by Turkey has made people worried because it was unexpected for them.
Even the chances of frauds and inappropriate acts with transfers were declined to the lowest point after Theban.
The officials of Turkey mentioned that they are worried about their users and their valuable money.
If these people switch from the use of fiat currency regulated by the government to digital currencies, then chances of fraud will reduce.
Still, the Central bank will not be able to regulate the control on the transaction.
The total number of individuals using ordinary money at present will decline, which is not a good thing for them.
Even they mentioned that any higher authorities do not support bitcoins, and if any unpleasant act happened to users, then they will not be able to take any action.
Who will be mainly impacted by the ban?
The primary sufferers of the ban of digital currencies will be the business owners who were accepting the payment in the form of bitcoins.
It is because they have switched to bitcoin as the primary source of payments.
There is a need to arrange a better alternative for such individuals so that they can easily have an inflow and outflow of bitcoins.
The best option that can reduce this issue for them is to switch to the use of exchange platforms that have universal compatibility.
These individuals will be easily able to convert their bitcoins into the fiat currency of their choice without facing any kind of hassle.
The Indian bitcoin investors who also consider bitcoins in their business should simply carry on their transactions at the present time.
There is no possibility that cryptocurrencies will get banned over here because it seems like the government has different plans regarding these digital currencies.