I have been hearing about the crypto ban since the day I entered this segment and now Its been over 4 years for me to be in the crypto space. Many things have changed and even lots of new kinds of stuff have taken place but one thing is still not changed and it is- India will ban the crypto. When I was a newbie, I used to get concerned but I never did panic sell because of this. I would not say that I was not affected because I was now I am mature enough and stopped paying attention to such news/rumors a long back. There was a blanket ban for almost 2 years and during that time also I did not sell my holding because I knew that banning crypto is practically not possible. If India can ban the internet then only they can ban the crypto else there is no way that any govt can ban crypto because bits are decentralized.
We are in the 21st century and banning the internet is not possible so similarly banning crypto is not possible however there are a few things that govt can do with crypto. Even after the tax implementation media is sharing the news that crypto will be banned and this is not a good act by the media because they must realize that its affecting many new investors to be in the crypto segment. With the current tax policy which will be applicable from 1st April, one thing is very clear the govt has considered crypto as a lottery and gambling and this is why the same tax rules are applied.
Does it mean that govt has done the research on crypto of they are unable to figure out what it can do for the country in terms of betterment? There can be another possible scenario that govt is still exploring crypto and blockchain and in the meantime to deal with the current growth they have applied the tax to see how the community will react and this might play an important role in crypto policies in the future.
There are many people who are my known and after the tax announcement, they entered in crypto with the hope that now whatever they will earn will stay with them after paying the applicable tax because its a basic understanding that if govt take tax on anything then its not illegal. Now the same group of people are slightly worried and asked me questions if crypto will be banned in the country. I got surprised to know but I think that its not their mistake instead its the media that is creating all these rumors and the media must learn more about the crypto and blockchain and how this works.
Blockchain is a technology that is highly advanced and there is no way it can be manipulated because any update done on this requires certain confirmations and it's also recorded in the ledger. Any data recorded in blockchain will not be deleted and it can be accessed anytime and anywhere. These are the main characteristics of the blockchain.
Crypto tokens are built on blockchain and through these tokens, we get rewarded for the work we do in form of PoW (proof-of-work) PoS (proof-of-stake). We can't imagine blockchain without crypto since no one will work if there is no reward and why would some mine crypto if they will not earn a reward for the mining. Its obvious that this reward can not be paid in fiat and that's why crypto tokens are an integral part of the blockchain.
So to summarise this one thing is very clear that no government or country can ban crypto however they have can stop banking services to avail of crypto services. Even now in India, there are updates that crypto will never be legal tender and this is not a matter of concern. In India, gold, silver, stocks, and many other things are tradable but not legal tender so having crypto as one of the tradable assets and no legal tender does not make any difference. Even if the banking services are not available then also there are many ways to deal in crypto and there is no reason to do panic sell for this. There may be some higher charges for the transaction in this case but certainly, this will be way better than doing the panic sell.
Crypto is beyond ban and I am quite optimistic that it will do great things in the future so stay calm and keep on working to increase your holding
Thank you