Will a complete ban of cryptocurrencies in India affect Bitcoin?
The looming complete ban on cryptocurrencies in India is starting to shake up the Bitcoin community. India is one of the most populated countries in the world and a large population which is viewed as a great investment opportunity by blockchain startups.
Every cryptocurrency community targets to have as many adopters/members as possible so as to increase its base. Remember that cryptocurrencies and decentralized and everything depends on the users. Users control the prices, the usage, etc.
Bitcoin being the most adopted cryptocurrency in the world will most likely take the largest hit from the ban. Already, there is a policy from the Reserve Bank of India that withdrew banking services for individuals dealing with cryptocurrencies. The policy has thrown Bitcoin users in the country in total confusion. They are left in a dilemma of whether to reveal their Bitcoin revenue or not. If they reveal their Bitcoin earnings, they will have gone against the Reserve Bank's policy. However, on the other side, if they do not reveal their earnings, they will have violated the capital taxation laws in the country.
The ban may not affect Bitcoin prices but it will outrightly have an effect on the Bitcoin community. The many Bitcoin users in India will have to forsake the digital currency with the major question being what will happen to the Bitcoins that they already own. Will they remain dormant waiting for a chance that the government shall reverse the ban?
Apart from Bitcoin, if the government decides to fully adopt the cryptocurrency ban, thousands of blockchain companies in India will have to look for another country to move their business or else close their businesses and look for something else to do.
Some of the companies to be affected include:
- Tokyo Techie - a leading blockchain development, cryptocurrency development, Bitcoin wallet development, ICO, and crypto currency trading platform development company in India;
- SoluLab Inc. - a blockchain, mobile and web development company;
- Consagous Technologies - award-winning blockchain, software, web & mobile app developing firm;
- LeewayHertz - an enterprise blockchain development company;
- Sate Development - developers of enterprise blockchain solutions;
- KrypC - developing the Future of Blockchain computing;
- Auxesis Group - a pioneer for Blockchain solutions in the country;
- Technoloader - a blockchain development company providing services such as blockchain development, blockchain game development, blockchain POC development, supply chain development, blockchain IOT development, blockchain consulting services, smart contract development, private blockchain development, hyper ledger blockchain development, and multi-currency wallet development.