There is already speculation that the Indian government will ban cryptocurrencies. This after the government informally asked the banking regulator to withdraw the banking facilities of the cryptocurrency exchanges. However, it seems like the Indian government is finally realizing the potential of Cryptocurrency tokens. Cryptocurrency tokens and cryptocurrency coins are different. Cryptocurrency tokens are used for specific purposes. They are not used as a normal currency. That is why the government of India is planning to allow the use of cryptocurrency tokens.
Also, there is no firm news that the cryptocurrency will be banned as well. Currently, the cryptocurrency is not an investment avenue in the country. Most of the cryptocurrency exchanges are not accepting newer funds. This is because they do not have the normal bank accounts to accept the newer funds. This is one of the main problems which most of the cryptocurrency exchanges are facing as well. With that being said, if there is a complete ban on cryptocurrencies, it will be very difficult for any of the Indian investors to invest in cryptocurrencies.
On the other hand, when it comes to crypto tokens, there is quite a bit of difference between crypto coins and tokens. Crypto tokens are used only for specific purposes. Moreover, crypto tokens consist of utility tokens as well. Utility tokens have become quite famous all over the world. This is one of the main reasons why the use of crypto tokens will actually fuel the cryptocurrency economy in the country.
None of the news is verified it. That is why it is not sure whether India will be banning cryptocurrencies or not. Many of the Indian investors have invested in cryptocurrency significantly. This is one of the main reasons why any kind of complete ban will lead to a lot of problems as well. On the other hand, if they are able to convert their holdings into crypto tokens, it will become easier for them to liquidate those holdings as well. That is why this move by the government will be keenly watched.
On the other hand, the court case between the cryptocurrency exchanges as well as the reserve bank of India is heading for the final judgment. The final judgment will be on the 11th of September. This will decide whether the cryptocurrency exchanges will be able to operate easily in India or they will have to or shift to some other country in order to gain access to the banking facilities for their customers.
Join the newsletter to receive the latest updates in your inbox.