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What will happen if Cryptocurrency is banned in India?

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What will happen if Cryptocurrency is banned in India?

Well, if the government decides to ban cryptos, then the transactions between the bank and your crypto exchanges will be stopped. You will not be able to convert your local currency to buy any crypto. Also, you will not be able to get them encashed.

Is ZebPay working in India now?

ZebPay relaunched in India after a two-year hiatus post RBI’s cryptocurrency ban. Now, it is reaping the benefits of Bitcoin’s rising popularity during an economic slowdown.

Why is Indian government against Cryptocurrency?

‘Serious concerns’ And last week, RBI governor Shaktikanta Das said the bank had “serious concerns from the point of view of macro-economic and financial stability”, and that blockchain technology can thrive without cryptocurrencies.

Will Indian government ban Cryptocurrency?

No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector. The Indian government is not looking to ban cryptocurrencies, but to regulate them as ‘assets’. All Indian crypto exchanges will reportedly come under the purview of the Securities and Exchange Board of India (SEBI).

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Is ZebPay safe?

Zebpay is totally safe and legal to deposit & withdraw Rupees and do bitcoin trading. Zebpay has been in the crypto exchange business since 2014 but had to close Indian operations following the ban imposed by the RBI.

What is the future of Cryptocurrency in India?

The Reserve Bank of India (RBI) is expected to issue the digital coin that will be regulated by the central bank. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will aim to regulate the cryptocurrencies in the country.

Is government going to ban Cryptocurrency?

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders.

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