If lawmakers in India have their way, all cryptocurrency transactions will be against the law in the largest democracy on the planet. India has started to take cryptocurrencies like Bitcoin very seriously over the past couple of years. However, there are many politicians in the country who are very concerned about legalizing the use of cryptocurrency throughout India. The main reason for their concern is the fact that this type of currency is completely anonymous and not able to be traced. Therefore, it is perfect for criminals to use it to pay for illegal activities without the payment or receipt of the money being traced back to them.
One of the most popular uses for cryptocurrency by criminals is for the purpose of money laundering. This is one of the biggest concerns for lawmakers in India. This is why a bill was recently written that would place a permanent ban on the use of cryptocurrencies like Bitcoin within the confines of India. The bill has not been voted on as of yet. India will have its national elections in May. The bill will be voted on after all of the elections are finished. However, there has been a ban placed on all cryptocurrency transactions until the bill is voted on. This ban was put into place under the Anti-Money Laundering Act.
Another concern for politicians in India is the fact that criminals will often use cryptocurrencies as a part of Ponzi schemes. This is becoming very common in many parts of the world. There is no question that the anonymous nature of cryptocurrencies is attractive to cyber criminals. However, there are also many benefits for businesses that use Bitcoin. This is why there are many businesses around the world that are now accepting payments in various types of cryptocurrencies. Bitcoin is still the most popular.
The vote on the bill to ban cryptocurrency in India will have a massive impact on the entire market. The reason for this is obvious. There are more than one billion people who live in India. Therefore, there are one billion people who could potentially use cryptocurrency at some point in the future. Preventing such a huge percentage of the world’s population from using cryptocurrency will be a big blow. It will mean that it is going to take much longer for this type of currency to become mainstream. Many people are nervously awaiting the results of the vote.
