India became the second country in the world to completely ban the use of bitcoin and any other cryptocurrency. The first was Nigeria, whose central bank issued an order to all financial institutions in the country to block the accounts of any users and companies seen in operations with cryptocurrency.
The process of deciding the fate of the “crypt” in India has generated a lot of drama over the past few years. In 2018, the Reserve Bank of India banned any cryptocurrency transactions. However, the ban was lifted by the country’s Supreme Court in March 2020. In December of that year, government officials hinted that they were considering the idea of levying an 18% tax on Bitcoin transactions. Just a month later, rumors emerged that the state intended to ban all private cryptocurrencies in principle.
It seems that Indian officials have decided to follow the path of eradicating the uncontrolled “crypt”. This was reported by the BloombergQuint resource, citing an unnamed source in the highest apparatus of the country’s Ministry of Finance. However, the ban will not be implemented overnight, as it was in Nigeria. Investors will be given a period of 3 to 6 months to liquidate their crypto assets. According to the report, the Indian Parliament intends to pass a law in the future that prohibits the use of cryptocurrencies in absolutely any form, including trading them on currency exchanges.
The exact opposite of India in terms of the use of crypto-finance is Kenya, which proposed making bitcoin its base state currency.