India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets - Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets - Business - Nairaland

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India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by rodeo0070(op): 10:50am On Feb 13, 2021

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions.

There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020.

In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies.

Apparently, officials were serious about banning cryptocurrencies. Citing an unnamed senior finance ministry official, BloombergQuint disclosed the government’s move. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.

As per the report, India’s Parliament will proceed to introduce a law that bans the usage of cryptocurrencies in all forms, including restricting trading via foreign exchanges.

On the flip side of India’s ban is Kenya, an East-African country that has proposed to make Bitcoin it's base currency.

https://brandspurng.com/2021/02/13/india-bans-cryptocurrencies-gives-investors-6-months-to-liquidate-their-assets/

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Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Ahmback(m): 10:55am On Feb 13, 2021

There is more to this bitcoin of a thing than we know.
Ways of frustrating humans never ceases to exist.

111 Likes 5 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Freestainworld(m): 11:02am On Feb 13, 2021

with cryptocurrency, the government will be losing alot of money since they won't be mediating on individuals who trades online, reason they are banning it.

218 Likes 7 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by mike8804: 11:24am On Feb 13, 2021

government is for controlling the populace, any threat to that will be met with outright sanctions. bitcoin takes the financial power of the government on the people and give it back to the people.

325 Likes 18 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Asgard13: 11:32am On Feb 13, 2021

Is just time ...

Coins is the future...

They will ban and unban. ... WE all heading to doomsday ... endtime.

75 Likes 7 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Nobody: 11:41am On Feb 13, 2021

Poor countries are resisting it. Lol. The future is e-currency. It is obvious why they are poor.

204 Likes 9 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by nairalandankrah: 11:42am On Feb 13, 2021

Third world countries rejecting cryptocurrency

60 Likes 5 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by sommy03(m): 12:08pm On Feb 13, 2021

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by martineverest(m): 12:16pm On Feb 13, 2021

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by nanauju(f): 12:17pm On Feb 13, 2021

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Alababoys: 12:17pm On Feb 13, 2021

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by GIANTPLUSHUB: 12:17pm On Feb 13, 2021

Mheen

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Brendaniel: 12:17pm On Feb 13, 2021

However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.

Buhari's government way of handling matters is like You seeing a snake in your farm and you call Buhari for help to catch the snake, Buhari claiming to be an expert sets your entire farm on fire and brings the dead snake to you ...

237 Likes 26 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by truthfulparrot(m): 12:17pm On Feb 13, 2021*

Cryptocurrency started as a good idea until Casino speculators and Ponzi manipulators started taking advantage of the fact that the scheme is largely unregulated to cash out big time.

Cryptocurrency is now the beautiful bride of money launderers and drug racketeers. Proceeds of criminal and illegal activities running into billions of dollars are passing through the cryptocurrency schems without being detected.

International business entities and billionaires started embracing cryptocurrency in other to envade tax. Developed countries like US, Britain and China had no choice than to join the bandwagon to the detriment of the economy of poor countries. But I am sure that these countries will soon ban cryptocurrency. THE CRASH OF CRYPTOCURRENCY IS IMMINENT.

The fact is Cryptocurrency is international version of MMM. It is highly erratic and unpredictable.
Cryptocurrency will cause great damage to emerging economies like India and Nigeria.
No doubt, cryptocurrency is the currency of the future only if a new world order can be achieved.

67 Likes 13 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Incognito403: 12:17pm On Feb 13, 2021

Another correct country.

I knew India was a correct country since they started blocking our developer brothers.

13 Likes 2 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by martineverest(m): 12:17pm On Feb 13, 2021

nairalandankrah:
Third world countries rejecting cryptocurrency

learn to update urself about what's going on in the world...there is a reason why USA haven't approved Facebook's libra cryptocurrency.many western governments are banning or going to ban cryptocurrency

40 Likes 3 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Preshhottie: 12:17pm On Feb 13, 2021

Poor country

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Kobicove(m): 12:17pm On Feb 13, 2021*

The recent onslaught against crypto is probably because it has become obvious that the recent increases in price of crypto is mainly due to manipulation and not market fundamentals

17 Likes 4 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Virus99: 12:17pm On Feb 13, 2021

Yeah, there's no heavily centralized country that will allow Crypto.
Even the USA they're just using a smokescreen acceptance, they're heavily monitoring the shit underground.

33 Likes 2 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by FastLane25(m): 12:17pm On Feb 13, 2021*

bitcoin don suffer..as if the currency is a threat or somethin'

2 Likes

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Kilishihunter: 12:17pm On Feb 13, 2021

Their fada Countries of the same Poverty flock togeda Nuff said

4 Likes 1 Share

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by SatantheDestroy: 12:18pm On Feb 13, 2021

lol ban it please. this is why i said that naija people get bad luck and are cursed entities.
this thing has beeen there for ages o. but as e enter naija, them start to abuse am. now see the result

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Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Honor10: 12:18pm On Feb 13, 2021

Like Nigeria

Failed countries

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Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Cutehector(m): 12:18pm On Feb 13, 2021

Asgard13:
Is just time ...

Coins is the future...

They will ban and unban. ... WE all heading to doomsday ... endtime.

Doomsday

Its gona be a very funny era

3 Likes 2 Shares

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Virus99: 12:18pm On Feb 13, 2021

nairalandankrah:
Third world countries rejecting cryptocurrency

Shut your ignorant mouth !

12 Likes 1 Share

Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by sunshineV(f): 12:18pm On Feb 13, 2021

its a threat to the government if they cant control it

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Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Realstick941: 12:18pm On Feb 13, 2021

Surely there are three powerful industries in the world that have always shown there strength, if there is any thing like the free mason then they are,they are always stronger than government because they manipulate and control politicians using whatever means necessary, mind you the leaders might be elected or dictators but anyone who fights against them tends to perish and be qmong the losers. They are BANKS,BIG PHARMA(pfizer,GSK,roche) and OIL COMPANIES.

SEEMS LIKE THIS DECISIONS ARE INFLUENCED BY THE ZIONIST BANKS OF THE WORLD,i will fold my hand and see as the value of bitcoin crash to its 2008 value,BTW i really like the idea of crpto currencies and acceptance of crypto will really cause the fall of the banking industry

6 Likes 2 Shares