India Seeks To Impose Strict Rules On Bitcoin-Again

India seeks to impose strict rules on cryptocurrencies and Bitcoin as well, as the country revealed earlier this week that it will ban citizens from owning, transferring, mining, and trading digital assets. The move came as the crypto technology captures the interest of the financial world and BTC grows immensely so let’s see what India has in mind, so let’s find out more in our crypto news.

This could be the start of a domino-effect where other governments and economics will try to copy it. According to the officials with knowledge on the matter, India seeks to impose strict rules that will propose a ban on digital assets like Bitcoin and Ethereum and will include possessing any assets as well including activities related to cryptos such as investing, trading and mining. The same officials that were familiar with the matter, claimed that they are confident that the bill will get support from Prime Minister Narendra Modi. The new rules will allow citizens a six-month period to liquidate their assets which will have a huge impact on the price movements.

The news caused a 10% correction in the BTC price which set a new record higher over the weekend but it could also end up causing a domino effect where other governments joined the country in banning crypto due to an interest in establishing digital currencies or due to fear of growth in the sector. Among the reasons is the fact that the country is creating its own framework for its digital currency.

India is looking to create a currency that will dominate when the time arrives for a debut. Other nations fall behind in developing their own technology but we could see that the BTC revolution is scaring some governments out there. The reason for BTC and the altcoins’ growth is not because of the digital scarcity.
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BTC is also censorship-resistance which means that a government can ban someone from owning it but there’s no way it can confiscate it from the user.

Bitcoin down (-7%) as India takes steps to ban it. This is typical of weaker governments who see their lack of monetary control as a threat to their existence. Can’t blame them. But it isn’t going to work…

— Ross Gerber (@GerberKawasaki) March 15, 2021

If stored properly, India cannot take anyone’s BTC so savvy users will always find a way to circumvent the law. India faced the fact that they made a huge mistake in the past so now if BTC comes fully into favor as the next global reserve currency, they will suffer even harder. Everything that the country did in the past is dilute the citizens from the rest of the wealth in the world.