Hello steemit friends hope you all are doing well with your work. Today I have good news about bitcoin we all know about what is the situation of cryptocurrency in India and also knew that RBI has submitted petition against Bitcoin in Supreme Court, was the difficult time for crypto investors and users because Supreme Court and its exchanges has already announced that the banking services will be banned after 20th of July.
But now I have a update for you that ban on transaction may not be regulated we got input that Indian Government may trade Bitcoin as commodity so it means Cryptocurrency may not be banned in India big news has revealed. India is preparing to convert cryptocurrency as commodity.
What Is Commodity, Why Indian Government Want To Trade It As Commodity?
Bitcoin will be traded as commodity why so? If we talk about commodities Silver, Gold and many others comes under commodities. Gold is considered as commodity and Bitcoin is a digital gold for Bitcoin users does not matter how to regulate it as crypto or as commodity users only want to regulate Bitcoin.
India will not be the first going to trade it as commodity but America also had traded Bitcon as commodity since 2015 same as that Hong Kong and many of the European countries are involved.
Why India want to trade crypto as commodity because Indian Government just want a concern about Bitcoin source that from where bitcoin money comes what is the source of cryptocurrency only want to confirm that is this comes under illegal hands or who is owing bitcoin, is bitcoin money is right for their country. So these all doubts Indian Government want to clear and I think Government is right it is all about nation security and doesn’t want to take any risk so we can’t prove it wrong. We can only hope for positive cryptocurrency.
Bitcoin's Future Bright In India
The future of Bitcoin can be bright for all users and investors its prediction price have been reached about $50,000 yes this is what you are listening and what I mention in my post. CEO of BITNEX exchange also told that it can be reached by$20,000 to $50,000 If ETF which is Exchange Traded Fund will approved by Security Exchange Commission and then it could be a new beginning for bit coin users to earn millions of Dollars. But we should also have patience so keep your mind in peace and wait for good and if you didn’t buy Bitcoin yet then buy it because its prediction could be high beyond your level of thinking and as always bitcoin prediction has show its magic and many of us lose many gold chances but you have it now so go for it and do it.
I will come back with new update. If you like it comment me follow me on steemit.
Thank you.