The main motive of writing this article is to aware crypto users of India. On the fact that “would, China’s crypto ban be a blessing, a curse, or a learning opportunity for Indian Investors? Let’s find out in this informative guide!
On September 24, Chinese officials stepped up with the country’s anti-crypto currency campaign, imposing a nationwide ban on overall crypto transactions and crypto mining.
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The People’s Bank of China (PBOC), China’s central bank, stated in a notice that it is illegal to enable cryptocurrency trading. And that it intends to penalize anybody who does so, even those working for overseas platforms from inside China.
Ten Chinese government agencies, including the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology, and the Ministry of Public Security, have identified cryptocurrency mining as a sector that would be wiped out from the country.
Earlier China’s Nationwide Crypto Ban
It is important to remember that China’s crypto persecution is not new. In the recent past, the Chinese government prohibited Initial Coin Offerings (ICO), which was preceded by a ban on Bitcoin mining.
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The People’s Bank of China’s new diktat on virtual currency is harsher and has far-reaching consequences.
From the reliables sources, we have also found that even support services provided by IT firms for crypto holding, custodial and non-custodial wallets, are illegal.
The People’s Bank of China (PBOC) published a warning on Preventing and Reducing Hype Risk in Virtual Currency Trading. The notification declared virtual currencies such as Bitcoin, Ether, and others to be illegal.
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According to the PBOC circular, “virtual money does not have the same legal authority as legal cash.” Virtual currencies including Bitcoin, Ether, and TEDA are distinguished by the fact that they are issued by non-monetary bodies. Utilizing encryption technology, distributed accounts, or similar technologies, and exist only in digital form. These are not legal and therefore should not and cannot be used as market money.”
Is China’s Ban a Blessing in Disguise for India?
Despite regulatory uncertainties, India has taken a more nuanced approach to crypto. And Union Finance Minister Nirmala Sitharaman has stated on several occasions that the government will not stifle innovation in crypto and fintech.
Chainalysis has ranked India second in terms of global cryptocurrency adoption.
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