update on Cryptocurrency ban in India, FTX & Celsius Crypto fraud case

 Can cryptocurrency be banned in India?

Crypto currencies have made a splash in the world in the last few years, but even today cryptocurrency trading has not been legalized in many countries. Some people compare cryptocurrencies with trading in the stock market, which is very wrong. In the stock market, investors invest money in the shares of that company whose product is already in the market among the people and those companies also have a business track record. Every investor can understand the financials of the company firstly from the equity market and secondly, crypto currency trading is a platform that does not have any track record. In such a situation, countries do not give recognition to crypto currency trading.

Countries like India whose economy is growing very fast, such countries may not be ready to recognize crypto currency. In such a situation, those people should be careful who are buying cryptocurrency considering it as the currency of the future, in such a situation there can be a lot of danger.

India's RBI governor's demand to ban cryptocurrencies has come to the fore:

If India's RBI Governor Shaktikanta Das's press conference held last week is heard, then Shaktikanta Das called cryptocurrency gambling and said that the value of cryptocurrency is just an illusion. Shaktikanta Das clearly said in the press conference that crypto should be banned in India. According to him, those who support crypto consider it as an asset and a financial product, but cryptocurrencies have no underlying value. Sometime back to counter cryptocurrencies, the central bank has launched its e-rupee or central bank digital currency (CBDC) in pilot mode, Which is getting good response. One thing has become clear from this that the Indian Central Bank and the Government have no intention of recognizing cryptocurrencies in India.

Why Cryptocurrency can Ban in India?

If we focus on financial study, we will understand that every asset and financial product must have some underlying value, but in case of cryptocurrency, there is no underlying value. In such a situation, cryptocurrency whose value is completely dependent on trust, to put it very clearly, it is nothing but gambling.

If India's RBI governor also believes so, then cryptocurrency traders should be alerted who were thinking that Indian government will legalize cryptocurrency. Gambling is not allowed in a country like India. In such a situation, it is necessary to explain that if the government of any country wants to allow gambling, then there will be a need to set rules related to gambling. Crypto is not a financial product. Therefore, Indian investors & traders should pay attention to the future of CBDC money as it is approved by the Indian government and according to RBI, adopting CBDC money will help in saving the cost of logistics and printing.

If we understand from research, legalizing crypto can lead to more dollarization of the economy and crypto disguised as a financial product or financial asset, which would be considered a completely wrong argument.

 FTX Crypto exchanges & Celsius Crypto fraud into the crypto currency market:

Crypto exchanges FTX & Celsius Crypto both have cheated crypto investors due to which many crypto investors have lost their money. Just a few days back, the bankruptcy of crypto exchange FTX has come up in the media reports.

According to some reliable media reports, a lawsuit has been filed against 57-year-old Mashinsky on Thursday by Attorney General Letitia James. In this filed lawsuit, he has been asked to stop doing business and compensate for the loss. But it has not been officially confirmed yet.

How Celsius cheated Billions of dollars from crypto investors?

Celsius promised its investors a return of up to 17% in one year and assured them of giving the highest returns in the industry at that time, which proved to be wrong. Mashinsky had earned $ 20 billion from investors by 2022, while another company Continued struggle to generate income, leading the company to deliver on its promise by investing in riskier assets, draining investors of their money.

Who is Mashinsky

Mashinsky often wore a T-shirt that read The Bank is Not Your Friend, but that his own company was investing in less risky securities. Let us tell you that Mashinsky's family is from Ukraine but moved to Israel several decades ago and then after that, they settled in New York. Mashinsky has founded eight companies. Out of which one of Mashinsky's company Arbinet has also become public in 2004. Mashinsky's company works to provide Wi-Fi in the New York Subway. In 2017 Mashinsky founded his own crypto company Celsius.

In Nutshell, We can say that Crypto traders and investors should stay away in the market. Especially if you trade in India & Wait until G20 event where final clue cam come out.  If you had earned profit in the past in Crypto currency trading then it was a good time but always analyze current situation of the market then make your decision.