Alex Metzger Alex Metzger 25.07.2021

Will India Also Follow The Ban Implied By Turkey On The Use Of Cryptocurrencies?

Cryptocurrencies like bitcoin have become a trend as some nations are happily considering them as modernistic advancement while others are implying a ban on bitcoins. Every day there is some controversy related to bitcoins, which creates a sense of fear among the investors. Recently, Turkey has imposed a ban on the use of bitcoins in their region. It was so immediate that everyone who has invested from Turkey got in a severe dilemma about what step to t at the very moment. The Central bank of Truly has banned the bitcoins as now users will not be authorized to avail any of the goods or services by paying through the bitcoins. The majority of people from Turkey have invested in bitcoin and are using it regularly because they found it very convenient to use.

Yes, the ban has been mainly implied on the payments that are done through the bitcoins. It is because the bank believed that there is a considerable risk associated with these types of costs, which is the only reason for the ban. There is no personal reason for the ban as it will only be a good thing for people because they will be prevented from facing a loss. It was clearly mentioned that cryptocurrencies and other crypto-based assets are not authorized for making payments directly or indirectly with the immediate impact. Even cryptocurrencies are not linked to any higher authorities or rely on any regulations or supervision of banking authorities.

This announcement will impact the investors of bitcoins and cause non-recoverable loss to them because they will be left with no option of using the cryptocurrency. It is a bad thing because this will also make people worried about the use of other currencies. They will have a worry of losing the currency methods of payments just like the ban is imposed on the bitcoins. Everyone should understand that it is only for their welfare why that bitcoins have been banned.

What about the situation of India after this announcement?

The decision by the Turkish Central bank was announced immediately after the announcement of royal motors. The regal motor is the distributor of the luxury car brand Rolls-Royce and Lotus cars in Turkey. They have stated that they will now accept payments in the form of cryptocurrencies from anyone who will buy a car from them. Not only had this, but leading brands of the world such as Apple as well as Amazon also accepted payment from their customers in cryptocurrencies.

 If we talk about India, there is no company that has officially mentioned about acceptance of payments in cryptocurrencies. It has been reported that some of the global crypto companies have hired engineers and developers for some projects in India, and the prices are made to them in the form of cryptocurrencies. It has been mainly started to promote the use of bitcoins and influence people to permanently switch to digital currencies through But the problem is that there are no specific regulations settled up against cryptocurrencies in India, which means that neither their use of is legal, not illegal.

Surprisingly, the big move was taken by the Indian government a few weeks ago, where they have clearly mentioned the companies to reports if they have transactions of any digital currencies in their balance sheet. There is no idea why such statements are being asked by the government, but it indicates that something massive will take place. Actually, it was also a good initiative that promotes the transparency of the use of crypto between investors as well as the government. All the companies are working to examine the gain or loss which has been occurred in their balance sheet due to the cryptocurrencies. Even they have to mention the information related to any investment that is made in bitcoins or any other digital currency.

 One thing is clear that they are not planning to impose any kind of ban on cryptocurrencies in India at the present time. The data revealed that almost 7 million people would invest their valuable $ 1 million in cryptocurrencies in the coming times, which will be a good thing for these digital currencies. BUT every crypto owner should be ready as anytime the regulations and policies regarding cryptocurrencies can be implanted by the government.