Experts: Prohibition of Bitcoin in India is Impossible
According to analysts, the Indian government is planning to prohibit Bitcoin and all other digital currencies are impossible. Experts are saying that by the very nature of cryptocurrencies, executing a blanket ban may be hard.
Blanket Bitcoin Ban in India Is Impossible
As per Quartz India, following reviews of a possible prohibition on personal use of cryptocurrencies, several professionals and market players weigh in on the impossibility of a blanket prohibition on digital currencies.
Whether the government makes plans to prohibit cryptocurrency transactions or private possession or both, experts believe it’s going to be an uphill attempt for the government.
Talking on the subject, CEO of WaziX, Nischal Shetty states –
Even in the case, the government makes a decision to prohibit the possession, it will likely be impossible to execute it.
Shetty is of the view that banning cryptocurrency trading platforms will not remove private ownership of cryptocurrencies. Traders can keep their digital belongings in cloud storage centers, person hot wallets or physical storage gadgets like USB drives.
The government can block access to the sites of foreign trading platforms. However, as per the CEO of a blockchain firm, Raunaq Vaisoha, there’s still a window of opportunity for local investors and buyers – the utilization of Digital Private Networks.
Analysts Suggest Better Regulations Rather Than Prohibition
Governments cautious of cryptocurrency cite fraud and money laundering as causes for his or her unwillingness to enable the utilization of cryptocurrency. The persistent increase thrust in the occurrence of fraudulent ICOs, and money laundering instances concerning the use of cryptocurrencies all supply credence to this stance. However, these also are ever-present concerns in the customary financial market.
Prohibition of digital currenciespushes them underground that will make them more favorable for illicitactivities. Instead of a blanketban, that’s impossible, analysts say regulation is the way ahead. The CEOof a blockchain business enterprise in India helps this notion. The CEO ofEleven01, Ausaf Ahmad, is of the opinion that a regulation is the best way to fightwith illicit cryptocurrency activities.