Crypto News Flash #102 : India's Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 Has Been Passed | Cryptocurrencies/Bitcoin Is Not Banned In India !!

For sometime, crypto verse was flooded with various FUDS/rumors which were tanking the market day by day. One of those rumors was : India is Banning cryptocurrencies/Bitcoin on account of ponzi schemes. 

Well, this rumor has been cleared out now by Indian government officially. Yesterday, India's Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 has been passed and in it, there are no express statements which signals the ban of cryptocurrencies in India, although all the unregulated ponzi schemes related to Cryptocurrencies have been banned and people advertising/promoting these types of ponzi schemes shall be punishable by heavy fines and imprisonment. 

But for sometime, media around the world are using these expressive and strong words like 'ban' for the cryptocurrecies in India when nothing of this sort was announced officially by the government. Basically media has given the air to fire of recent FUD's which in turn tanked the crypto market even more. 

In the official press release of this Bill, it has been clearly said that:

It only pertains to unregulated deposits schemes wherein entities and individuals are not supposed to collect funds for schemes that are not regulated.  

Government has not banned cryptocurrencies in India as of now, though they are trying to bring some regulations in this unregulated crypto space as soon as possible because of potential risk to the investors throwing their hard-earned money into this 'volatile & highly risk' market. 

Thanks for reading ...!!

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