India Takes Steps to Ban Bitcoin

Is Cyber Monday the start of the final crypto cycle for money launderers?

Last week the Indian government announced it was taking measures to ban private cryptocurrencies, such as Bitcoin and Ethereum, and eventually replace them with a Central Bank Digital Currency (CBDC), issued by the Reserve Bank of India. The ban, as with the ban in China, would include all activities related to cryptocurrency, such as crypto mining, hosting exchanges, marketing or advertising of cryptocurrencies and more.

For current crypto investors and decentralization enthusiasts, this is bad news. Really bad. If you think I am overreacting, consider this — with the ban of crypto in China (1.4 billion) combined with a ban in India (1.38 billion), suddenly one-third of the world’s population (7.75 billion) would have zero access to crypto. One third! In fact, anything these 2.78 billion people do in relation to cryptocurrency going forward could possibly land them in jail.

Once India initiates its “Bitcoin Ban”, how long will it take before the rest of the world’s governments decide to centralize crypto and ban decentralized crypto, therefore shutting off the remaining two-thirds of the population from the current model? If you think your investment in Bitcoin or Ethereum or DogeCoin is safe right now and you intend to wait it out and see just how high the market cap will go, I hope you also might consider doing the exact opposite — taking your gains and liquidating it all today, on Cyber Monday. Perfectly ironic timing, right?

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Richard Paxton

CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.

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