Hi friends!

The FUD in the Indian crypto community is on its peak today. As soon as the country's leading business and financial daily The Economic Times broke this news with an eyeball seeking headline:

Government departments discuss draft bill to ban cryptocurrencies

all major media started covering this news including Business Today, Coin Telegraph, The Next Web, CCN, bitcoin.com etc. The news reported an upcoming draft bill called, “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" had been circulated in various key government departments who unanimously endorsed a complete ban on the sale, purchase and issuance of all cryptocurrencies, emphasizing the urgent need to implement the ban immediately as it's already over-delayed.

On these feedback, a law will be proposed by the next Government which is expected to take oath by early June.

All these obviously sent the panic waves across whole crypto community of India. Since there is a substantial investment locked in crypto by Indian citizens, such news are natural to bring a shock.

Interestingly the news quote its source as: "according to a government officials who did not wish to be named." In the past, several FUD creating news have been released through prestigious media firms crediting anonymous sources. None of those has come true so far!

But as it is warned in financial field that past performance does not guarantee future results, same is applicable to this issue too. There is always a slight chance that this news could be true.

So what if it comes true? Are you prepared for it?

Are you powering down STEEM?

If you believe this news, a blanket crypto ban could be implemented in India within the next 2-3 months period. Powering down your STEEM a/c takes a little over 3 months. So shouldn't you act immediately and power it all down right away?

Well, if you ask me, I'm not going to take any action on the basis of this news. Investing in crypto in India is akin to a gamble and I'm fully aware of the risks involved. However, this news doesn't pose a risk big enough to make me power down my account.

Firstly, I don't foresee a Government with an absolute majority after this election. So forming and setting up a coalition government takes a longer time. And even in case there emerges a government with absolute majority in the House, there are several other bigger issues to give priority to.

A case against RBI is already due for hearing in Supreme Court in early July where Government needs to submit a policy decision on cryptocurrency regulation. If it's not done, SC will give its own verdict. It may also ask for the reports of various Committees formed on this issue. And there is a probability that new Government will try to take another extension from SC. So implementation of new law even if it is erected will take time.

And in the worst scenario, if Government decides to put a complete ban on crypto with immediate effect, it doesn't make any practical sense to me as implementation of such a law is the toughest part and will take a long long time . Even if it is implemented strictly, we can't under-estimate the talent and intelligence of crypto community. They will certainly come up with various work around methods.

It's my firm belief that Government can't implement the ban unless the citizens cooperate with it. How long can India survive with a complete ban on crypto? I'm willing to wait and see.

But as of today, it's life as usual for me.

You know, there is a strong relationship with Bitcoin prices to such FUD news. Whenever Bitcoin prices shine high and captures public interest, news for some steps to restrain it by Government flows in. Remember what happened after last bull run? This time media upped its antics as the news of BTC's $1000 gain in a day caught the public interest.

By the way, what's your viewpoint on the opening question in the post-title?

Whatever the case, always hodl crypto and STEEM ON!