Following the recent possibility of banning crptocurrency in India, i have come out with a list of possible effects it may cause on an average crypto trader like myself.
By the way, i am a Nigerian and the Nigerian Government recently [about two months ago] ban the trading of crypto currency also.
And trading apps like Ruqqo, Luno and Binance has disabled deposits and withdrawal (before you can sell on these app and you will be paid directly to your bank account but now you cant).
WHAT ARE THESE EFFECTS
The ban will lead to increase in fraudulent practise in P2P transactions:
Although apps like Luno and Roqqu do not support Peer-to-Peer, Binance do and it will take a lot of trust for you to send your crypto to an unknown person but even after you succeed in trusting the person and sending your crypto you will realise your account is still not credited. There by frauding you the sender.
The Dramatic rush to sell all HODL Crypto even at a lesser price:
Even with this just being a rumor you will realise that some Indians has already began selling their crypto 😂😂😂 which they were saving for rainy days
Well i dont have money i would have contacted one of you to sell to me.
Ban in Bank Account:
I dont know if this will be possible in India but in Nigeria after the ban, any account caught trading or receiving money from selling Crypto, the account will be ban, blocked or frozen.
Thank you for reading and as we pray that this ban is just a rumor lets prepare for the worst. 🙏