The Indian government placed a 30% tax on cryptos with an additional 1% on TDS early this year. Investors in India believe that crypto taxes are draconian as only a handful can make a profit while the majority suffer. To Add Fuel to the Fire, The Reserve Bank of India (RBI) Calls for a Ban on Crypto Trading “highly speculative asset”.
RBI Governor Shaktikanta Das also called cryptocurrencies a “clear danger” and called on the government to ban users from trading them. In addition, Finance Minister Nirmala Sitharaman revealed that a decision on the cryptocurrency ban will require “significant international cooperation.” Indian investors are now at the mercy of the authorities to determine the fate of their cryptos. Investors worry about ‘get their money back’ if crypto is banned in India.
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Will you get your money back if crypto is banned in India?
Reports state that India has the largest number of cryptocurrency investors in the world. A majority of investors are new and entered the market between 2020 and 2021. Currently, WazirX is the largest crypto trading platform in the country with 10 million and a growing number of users. A majority of Indian investors have stacked their investments in WazirX.
WazirX recently released a statement highlighting the current stance of the government on cryptocurrency trading. The leading exchange confirmed that if India bans cryptos, investors’ money “will be returned within a specified time frame”. They also mentioned India banning cryptocurrencies “unlikely”.
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This is what WazirX said in a pronunciation if India bans cryptos and their plan to return investors’ money:
“In the unlikely event of a crypto ban in India, the investor’s money will be safe and will be returned to them at a specific time frame to be determined at the time such an unlikely event occurs.” wrote Rajagopal Menon, vice president of Wazirx.
He added,
“Investors own the crypto that WazirX investors have on the exchange, and they have the option to pull out whenever they want. In addition, as a company, we have never stopped crypto withdrawals on WazirX in the past and have always been transparent about upcoming, temporary maintenance activities. However, caution requires investors to check crypto ownership and withdrawal conditions on their investment platforms.
Therefore, in the unlikely event that crypto is banned in India, WazirX has promised to give investors money back “on a specific time frame”.