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Is India Going To Follow The Ban On Bitcoin After The Turkey?

Bitcoin has now become the hot buzz all around the world. Many countries are happy to consider bitcoins as the high robust advancement in technology. Well, there are some countries that are not willing to accept bitcoin, and they are banning the use of bitcoin. If you stay updated about all the things related to bitcoin, then you might also have heard the news of its prohibition or its controversies related to the ban regularly.

A few weeks ago, the central bank of Turkey has also implemented a ban on the use of bitcoin, and this decision was taken overnight. This decision of putting a ban on the bitcoin was so immediate that the people were not able to understand that what they should do with their holdings. The investors and traders of bitcoin in turkey were shocked to a great extent. They are using the Bitcoin Cash for buying and selling their bitcoin because it is a trustworthy platform for the trading of bitcoins.

The central bank of Turkey has imposed a ban on bitcoins and other cryptocurrencies. It means that from now on, people will not be able to make use of bitcoin for buying any products or services. You will be stunned to know that there were a considerable number of people in Turkey who were using the bitcoin ins their regular basis because they were highly impressed by the attributes of bitcoins.

You need to know that the ban has been put on the payments made by using the bitcoins because the bank states that in the dealings of bitcoins, the risk is enormous. This is the only reason that the central bank of Turkey has put a ban on bitcoin and another cryptocurrency also. The bank has cleared the fact that there is no personal reason behind banning bitcoin, and this has done for the good sake of people to prevent their citizens from bearing enormous losses.

You might not be aware of the thing that the ban on the use of cryptocurrency was announced the moment when the owner of royal Motors told that they are going to accept the payments that are made by using the bitcoins. Royal Motors is a company that deals with luxury cars in turkey. Royal motors is not the only company that has started to accept the payment made from bitcoin. There are some other big companies also like apple and amazon, who have begun to buy bitcoin as a means of payment.

At present, in India, there is not a single company that has announced to accept bitcoin as the payment mode. But there has also been news that the world-leading cryptocurrency companies have recruited some of the best engineers and developers for handling the projects in India. The payment for their work will also be made by the bitcoins, and it has been pre-decided. This decision has been taken to influence people to make more use of bitcoins. Right now, there are not no rules and regulations regarding the use of bitcoin. This means that in India, using bitcoin is not legal, but it is not illegal also.

Recently the Indian government has also taken a big move in which they have demanded the reports of the transactions made by using bitcoin from the leading companies. However, the main motive of asking for such statements is not clear yet. Still, it looks like the government of India is taking bitcoin and other cryptocurrencies seriously, and they are going to take a big decision.

If we see the current scenario, then there is not even a single thing that indicates the government is looking forward to banning bitcoin and another cryptocurrency. So you should get relaxed because nothing is going to happen very soon. Till now, there is no risk of India banning bitcoins. If you are an investor from India, then you should not sell your bitcoin because turkey has banned bitcoins. This doesn’t mean that India will also do the same. Bitcoin is an excellent cryptocurrency to invest your money on, and this can prove to be very profitable for you too.

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