What will be the effects of a ban on cryptocurrencies?

• If the government decides to outlaw cryptocurrency, all transactions between your bank and your cryptocurrency exchanges would be halted. You won't be able to buy any crypto with your local cash. You will also be unable to have them encashed.
• There is currently no rule or prohibition in place in the country regarding the usage of cryptocurrencies. Notably, in recent times, there have been an increasing number of adverts, some even including celebrities, promising easy and big profits on cryptocurrency investments.
• Prime Minister Narendra Modi met with senior officials last week to discuss cryptocurrencies, and there are signs that tough regulatory measures may be enacted to address the issue.
• The RBI has frequently stated that cryptocurrencies constitute a major threat to the country's macroeconomic and financial stability, and that the number of investors trading on them, as well as their purported market value, are both suspect.

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