Will Indians See Return Of Jiocoin After The Ban On All Cryptocurrency in India
The announcement of banning cryptocurrency on 23rd November 2021 caused another shock in India.
The Government of the BJP, led by Prime Minister Modi, has decided to pass a bill banning crypto-currencies in the winter session.
Surprisingly the pet channel of BJP & Sangh Zee News had already acquired a copy of the bill, which is yet to be presented in the parliament for discussion and was shown as prime time news on the night of 23rd November 2021. One question also arise here is how chief editor of zee news got the copy of the bill which is yet to be presented and not passed, who knows tomorrow godi media also present the budgets even before they are announce, lets stick to the topic for now.
All hopes for cryptocurrency traders in India have ended with the passage of this bill, and as expected, all cryptocurrency prices have dropped to almost 50% in response.
According to one estimate, almost 7-8% of total Internet users in India have invested in cryptocurrencies like Bitcoin, Ethereum, Tether, Cardano, Ripple, Polkadot, USD Coin, Dogecoin, Shiba Inu, Litecoin, Uniswap, Polygon, Chainlink, Elrond, Stellar etc. and the total value of the investment is almost 70,000 crores to 80,000 crores.
The traders are selling these cryptocurrencies, and the prices plummet rapidly because they don’t know what will happen once the bill passes.
There are a total of 29 Bills on the government’s legislative agenda, including the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The government aims to create a framework for creating the official digital currency issued by the Reserve Bank of India but where do all the investments go in the crypto world? To governments or the next launch. How will the BJP manage to make this a good decision?
With the news of this bill, one more point comes to mind, if this entire exercise is done to help Mukesh Ambani from Reliance launch JioCoins in India.
In case you do not remember, let us remind you that in the year 2018, news surfaced on the internet saying that Jio from Reliance Group was planning to launch a cryptocurrency named Jiocoin to launch the career of his son Akash Ambani.
Mukesh Ambani has already set up the career of his daughter Isha Ambani by giving free internet to the entire country and later decided to set up the career of Akash Ambani by launching Jiocoin.
The project was marketed very well, but all of a sudden, all the news stopped, and everyone forgot about the same. After four years, there is a sudden ban on all cryptocurrencies, and India might see a comeback of Jiocoin.
Is this a monopoly game played by Mukesh Ambani? JIOCOIN becomes a way to earn more when all cryptocurrency is banned in India.
A monopoly market has no competition because the seller is the sole seller of goods without a close substitute. The seller sets prices. In the absence of other digital currencies in the market, jiocoin will ultimately benefit.
JIOCOIN becomes a way to earn more when all cryptocurrency is banned in India.
This could be a well known strategy, after all Mukesh Ambani is a very intelligent, smart and talented man and one of the fast friend and biggest investor of elections In India, no political party can deny to pass desired rules and laws in India. The funding of the election campaigns are more or less like the investments for businessmen to force government pass the rules and laws favoring them and their products.
Let’s see what happens, but till now, we hope that India might see jiocoins soon.