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According to reports, the ban on crypto proposed a while ago is under review by the Indian government. The modalities are being reviewed by the government as it is yet to be decided whether the digital currencies will be banned or regulated in the country.
Earlier this year, news of a possible crypto ban in India circulated from several sources. However, the proposed ban has not been materialized yet. Instead, it is now being reported that the authorities in India might be considering a different approach regarding the use of cryptocurrencies.
With the new developments reported for the top digital assets such as BTC and ETH, many expect the government to deny the proposed crypto ban. A final decision is yet to be announced by the Indian authorities.
Many novice parties have stepped into the crypto space, especially after the recent price boost in BTC. If you are also a potential investor then using secure exchanges can help you safely and easily invest in Bitcoin or other available digital assets.
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On the other hand, if you are a new crypto trader you can use PrimeXBT Covesting, which is one of the most trustworthy exchange for beginners.
Discussion Over Previous Ban Bill Clauses
It has been reported that the Indian government is having discussions with financial regulators and stakeholders in the industry to determine whether crypto should be banned or not, as previously proposed.
It has also been disclosed that three major fronts are a part of the discussion being held.
- The first and second issues under discussion are whether the government should ban the cryptocurrencies or opt for a different approach.
- The third issue under discussion focuses more on the crypto activities that can be allowed under a standard digital currency regulatory paradigm in the country.
Whether the authorities will approve the crypto ban bill or settle on a crypto regulatory bill is still in question. Meanwhile, three of the major crypto exchanges have been planning to expand their business in India.
The crypto exchanges planning to offer services to approximately 15 million crypto investors in the country are:
What You Should Know as a Crypto Investor?
Investing in crypto for the first time can be an exciting yet intimidating experience. It can be made easier and more convenient if you choose a secure and reliable crypto exchange.
Different crypto exchanges vary in the services they offer to the users. They also vary in the crypto or fiat currencies they support, which are essential details to know if you are a potential investor.
Therefore, before you step into the crypto space, it is helpful that you choose the digital asset to invest in. Bitcoin and Ethereum are the top two cryptocurrencies in the world and if you plan on purchasing either of these you can use SwissBorg or Kraken.
Once you have invested in a crypto asset, you can also consider crypto trading.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $1610 bonus. (Bonus may vary based on deposit amount)
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