What is happening?

The Indian government are planning to ban all private cryptocurrencies. Moreover, they also plan to create a central bank digital currency (CBDC). This proposal is pending the Parliament's approval by 8th April, 2021.

In my opinion, the CBDC will be a centralised crypto. Meaning: most of the coin's supply and assets will be managed by the organization that founded it at first place. On the other hand, most cryptocurrencies are decentralised which means no single entity manages the crypto coin.

Who is affected?

A renewed trading ban could affect more than 1.7 million Indians trading in digital assets and a rising number of companies setting up platforms for the trade, according to a data.

It will also affect companies like Singapore-based CoinSwitch, which added 200,000 users after starting India operations in June and was reporting volumes of about $200-300 million, according to the CEO Ashish Singhal.

How do the investors feel?

India is a country that can truly launch the crypto to the moon! However, many challenges stand in the way of these dreams becoming true. These walls were recently revealed by a survey reporting the opinions of investors in India, a survey done by CoinDCX, one of India’s biggest crypto-exchanges.

According to a press release received by AMBCrypto, the report revealed there was very little easy investment options for potential crypto investors in the country.

Advantages of cryptocurrencies:

• Decentralization: It has no central authority. The elimination of central authorities in financial transactions has caused a faster, secure, and easier mode of transaction.
• 24-Hour, 7-days a Week Accessibility: Cryptocurrency has no opening and closing hour, and it doesn’t have working days.
• Ease of Access: Cryptocurrency is widely available to everyone. Unlike banks where you need to open an account by verifying a lot of documents.Cryptocurrency only requires your time to set up a wallet.
• Security: The cryptocurrency works with the Blockchain mechanism which protects all its information using Cryptography. Cryptography provides high-end protection for digital currencies and transactions. Making it almost impossible to make transactions from another user’s wallet and altering stored details of transactions, respectively.

Why do I care if I'm not Indian?

Some people may think I should let Indians solve their own problems for their own country. However, I believe everyone should have easy and full access to the new age of digital currencies. I'm also a cryptocurrency influencer on Instagram which proves that I believe cryptocurrencies can make everyone a lot of money and why they're really important for everyone. Press here to see my Instagram crypto page. I makes posts about cryptocurrencies and also a new crypto called Pi Network. It has over 12 million members, allows you to mine it's coins for completely free and might get it's first price (value) this year so you can sell or buy more Pi coins. Use my invitation code "abdullah7" while registering if you decide to download Pi Network on your phone.