cryptocurrency: What happens to the cryptocurrency you buy if India decides to ban it

Effectively, it isn’t the primary time that the Indian authorities has contemplated over banning cryptocurrencies. Initially, in 2013, when bitcoin was launched, the primary few years went in hush-hush. The know-how was new. This was one thing that was a retailer of worth with no central authority.

Not solely the federal government but additionally, enthusiastic traders have been speculating how bitcoin will turn into. When after the top of 2016, this revolutionary monetary asset made noise, the Indian authorities got here to motion.

Any authorities of the world is about authority, energy and regulation. And bitcoin, or fairly say, cryptocurrency, took that energy from the federal government. There was no financial institution, no RBI or no scrutiny round your cash. You held an asset and you probably did your funding, you used the cash gained and also you made certain your funding technique works for you. There was no advisory, no policymakers, no brainwashing by any means. The bitcoin funding grew a lot in 2017, that the Indian authorities needed to come into motion.

When wheels got here, bicycles have been invented. All of us thought that is going to remain. Then got here the motors and we thought the motor autos have been going to remain. Then got here the Wright brothers, who informed us that we additionally might fly. However when the finite provide of vehicle gas could be exhausted, none of those would matter.

On the identical strains, we thought writing letters is one of the simplest ways to achieve farther locations. Then increase. The 2000s got here and the web was throughout. The communication might be carried out in milliseconds.

So now allow us to speak about what we can’t do when there’s a ban. Once we say the ban, we imply that the transactions between the financial institution and your crypto exchanges will probably be stopped. Because of this you will be unable to transform your native forex into shopping for any form of cryptocurrency. This additionally signifies that you will be unable to liquidate your HODLed cryptos and get them encashed. This implies, your HODLed cryptocurrency will probably be on *HODL* for a while extra till the ban is uplifted.

However what in the event you ship your cryptos to somebody who is just not an Indian resident and belongs to a rustic the place crypto is authorized. Effectively, in that case, you may at all times ship your acquired crypto, and get the equal INR in your financial institution. Nevertheless, this process of exit would come at a value. The overseas alternate value and penalties would value you greater than the precise alternate charges, had there been no ban in your personal nation.

However, you continue to must establish the catch right here. By the above methodology, we see that the transactions that contain crypto are nonetheless attainable. No authorities can ever tame the web. The federal government tried to ban PUBG. The gaming neighborhood in India recognized VPNs that might nonetheless make PUBG accessible to them. The federal government tried banning porn, however something that’s accessible to everybody, or is made obtainable on the cloud, can by no means be absolutely tamed. The identical goes with the decentralised and open source-based cryptocurrencies as nicely.

Unocoin is one such platform that lets its consumer purchase, promote and commerce 40+ cryptocurrencies. The transactional charges are very nominal as in comparison with the options that it supplies. Unocoin has at all times revered and abided by the legal guidelines set by the federal government of India and RBI. Nevertheless it additionally makes certain it creates an area the place the crypto exchanges are clean. Therefore, Unocoin collaborated with Airtm for a cross-platform transaction. With this Unocoin – Airtm collab, any Unocoin consumer can purchase any crypto from both platform in alternate for his/her native fiat forex and through the pairing coin US

Tether ( USDT), can convert his/her acquired cryptos into one other crypto/fiat forex from the opposite platform.

It’s like getting into a bridge, strolling on the bridge and reaching the opposite aspect of the river. With the USDT performing as a pairing coin or the bridge, the stroll from one finish to the opposite and again to the primary finish is feasible.

Whereas there are speculations on the cryptocurrency, the digital forex fans know for certain, that these are solely the ups and downs that come of their funding plan. India would ultimately be a rustic the place there will probably be no inhibitions over cryptocurrencies, ultimately.

The author is Co-founder & CEO of Unocoin Applied sciences Personal Restricted