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Will India Also Follow the Banning of Bitcoin After the Turkey?

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Banning of Bitcoin After the Turkey

Bitcoin is now considered one of the best cryptocurrencies because of its wide acceptability. Some of the countries are allowing bitcoin by viewing them as future and modern advancement technology, while on the other hand, some of the countries are banning the use of bitcoins. You might have heard about the news related to the country restricting the use of bitcoin. We almost every day hear this kind of news of the government banning the use of bitcoin, so it puts the audience in a dilemma that they should invest in bitcoin or not.

There was recent news in which the central bank of turkey announced the banning of bitcoin in their country. This decision was taken in so hurry that the people who have invested their money in bitcoin were highly feared about what to do and what not to do. The news was announced by the central bank of turkey, and this decision was taken overnight in which the bank stated that from now the people are not authorized for buying any kind of product or service by using bitcoin, they are not allowed to buy or sell bitcoin or even hold the bitcoin.

There was a massive audience from turkey using bitcoin because of the convenience bitcoin offer to users. You need to know that this ban was implied on all the transactions carried out through the use of bitcoin. The prohibition of bitcoin in turkey is that the bank believes that there is a considerable risk involved with these types of currencies, and it is the only reason behind the banning.

The central bank of turkey said that the decision had been taken to save the people from bearing losses as you all know that the bitcoin is the kind of digital currency that is not authorized or making payment in a direct way to indirect way with the sudden impact. The one more thing about it and the other cryptocurrencies is that they don’t involve any third party, which means no government or financial authority is linked with the it.

The band on bitcoin in turkey has impacted the lives of a lot of people who were involved in it because now they would not be able to make use of their assets that they have. The one thing for sure which was made clear by the bank of turkey was that there is no personal reason for banning bitcoin, and this decision was taken for the welfare of their citizens only.

You might don’t know that the ban on it news was announced by the central bank of turkey just after the announcement, which was made by the regal motors. You need to know that regal motors are the one who is the distributor of the rolls Royce luxury car brand and the lotus cars in turkey. The company stated that from now they would accept the payment made from it, and they include bitcoin as one of their means of payment.

The thing is that not only this car brand announced the acceptance of bitcoin as a payment method, but some other world-leading brands like Apple and Amazon have also started to accept it as a source of payment.

Talking about India, at present, there are no such companies that are accepting bitcoins as a means of payment. But the rumor news is that some of the crypto companies have hired some engineers for some projects in India, and they have told them the prices in the form of bitcoins. This is done to influence more and more people to make use of it.

But the thing is that there are not any rules or regulations regarding the use of bitcoin in India. This means that today if you use it, then it is not illegal, but it is not legal as well. But recently, there was a big step which was taken by the Indian government in which they asked the companies to report the transactions which have been made with the bitcoins. There is no clarity for these types of questions being asked by the government. But the one thing that is sure is that the Indian government is no planning to impose a ban on it any time now.

 

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