Using Cryptocurrencies Will Send Indian to Prison
India is among the countries that has gained a lot of development in the fields of technology and artificial intelligence, and among the large population that it has, many expert and skilled people are active in the field of digital technologies. In such a country where there is a great capacity for reaching growth in implementing new technologies, the use of cryptocurrencies has been banned. The government of India is against cryptocurrencies and has plans to combat them. More precisely put, storing, mining, and trading with cryptocurrencies is prohibited in the view of this government and those who will be legally liable.
Will Cryptocurrencies Bring Challenges for Indians?
If Indian citizens set out to trade and work with cryptocurrencies, they should be ready to bear prison for ten years. Perhaps this amount of opposition and activism against a new technology seems weird, but the government of India has its own reasons and to impose such a decree goes ahead thoughtfully. The government of this country thinks that cryptocurrencies and the infrastructure in which they work, i.e., Blockchain, has a great capacity to turn into a campaign for illegal and illicit activities. As a result, the government wants to prevent the use of cryptocurrencies in illicit activities by imposing sentences like imprisonment. In the opinion of this government, there is the possibility of using cryptocurrencies in operation such as money laundering and other financial crimes. Therefore, it is better to combat it and prevent the horrific implications that it can create.
Is India Alone in the Path of Banning Cryptocurrencies?
The approach that different governments have adopted regarding cryptocurrencies is very interesting. The approach of each government and country depends on its policies and world views. India is not the only country that is combatting cryptocurrencies. The countries that have predictive management and control have erased the question only by banning and constraining the use of Bitcoin and other cryptocurrencies. Countries like China, Russia, Ecuador, Egypt, Bolivia, and Columbia have also set some limitations in this field.
Contrary to these countries, there are other countries that have adopted a different approach. For example, the U.S. and Australia are looking for more exploration in this world and are looking to find a suitable way to use Blockchain and cryptocurrencies. Always, with the advent of new technologies in the world, there are different approaches and actions. Some try to distance themselves from possible damages and go against new technologies. Some others try to make their position strong in that market and enjoy the advantage of being the first before that technology becomes prevalent. It is obvious that the second group is smarter and can have the upper hand in the future in the market of new technologies. States have had a similar response toward cryptocurrencies. Of course, there are other actors that try to move ahead with their headlights off. With a smart look on the market, they try to scout opportunities that others create and will get on waves that are the result of the market pioneers going into the belly of the beast. In any case, cryptocurrencies are growing and sooner or later states will find out that negative approaches are not the only beneficial approaches in their control.