What are the plans in India regarding crypto currency?

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If you are trading in crypto currency, then you must have seen the news in which the Indian government is planning to do crypto currency in the country.

The Government of India has decided to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill in the Parliament. Information about this bill is not yet public.

This bill will legally control the use of crypto currency in India.

The world is watching every move of India on crypto currency. If this bill is introduced in the next session of Parliament, then investors will have a close look at it.

Union Finance Minister Nirmala Sitharaman has made it clear that the government does not plan to ban cryptocurrency completely. In fact, the government wants to protect the blockchain technology based on cryptocurrency.

However, 25-year-old Ruchi Pal’s expectations are still very high and he has decided to trade in crypto currency itself.

She says, “I don’t think the government will ban it. Yes they will regulate it but won’t ban it. I think the same thing happened in 2017 when everyone was talking about crypto currency and some Action was taken and then everything was over. “

What does she think about the digital currency that the Indian government is considering? Interest on this question says, “This is a very difficult thing. It will not be accepted internationally at the beginning. We cannot use it for international transactions. It is a good idea but we accept it like bitcoin It will take time to do it. It won’t have much impact on our lives.”

Indians are buying crypto currency in large numbers but there is no official data about it. They don’t want to miss the opportunity to make substantial profits.

A person who invests in crypto currency, without making a name public, says, “I want that if there is going to be a ban, then I make a good profit before it happens. I don’t want to give up the opportunity to make money.”

“Digital money is not an asset class for investment. There is a difference.”

What is a crypto currency?

Crypto currency is a digital form of any currency. It is not in your pocket in a solid form like a coin or note. It is completely online and business is done through it without any rules as a business.

It is not issued by any government or any regulatory authority.

The Central Reserve Bank has again raised the issue of cyber frauds due to digital currency this year.

In 2018, the RBI banned banks and regulated financial organizations for supporting crypto currency transactions.

But in March 2020, the Supreme Court of India, while giving a decision against the RBI ban, said that the government should ‘take a decision and make a law on this matter’.

Last month, the RBI once again said that it is exploring options to bring India’s own crypto currency and its practice. A perspective on the future decision of the government will also be very decisive as to how this currency will be used in India.

The government has made it clear that they will give time to those who keep the crypto currency to sell it.

There is no official figure on how many Indians hold crypto currency or how many people do business in it, but several media reports say that crores of people are investing in digital currency and it has increased during the pandemic.

What does it mean to create India’s own cryptocurrency?

Last month, the RBI and the Ministry of Finance have said that they will consider making laws for India’s own digital currency and its regulation.

But it is easy to bring India’s own digital currency.

The government will only give the status of a legal tender to any type of transaction that can be used by the huge population of India.

However, experts say that issuing digital legal tender is challenging.

Sajai Singh, partner of corporate law firm J Sagar Associates, said on the challenges of making the law that ‘the Government of India will face such challenges whether it will be digital legal tender only at wholesale level or can be used by the general public also?’

Will the digital bank account of the citizens of the Reserve Bank of India be followed by commercial bank accounts? For this, technological innovation and implementation will also be a big challenge.

Apart from this, tax, money laundering, insolvency codes, payment systems, privacy and data protection will also be major challenges.

Apart from this, tax, money laundering, insolvency codes, payment systems, privacy and data protection will also be major challenges.

Monarch Modi, founder and CEO of Indian bitcoin exchange company Bytex, believes that India’s digital economy has changed due to Kovid-19.

He says, “Digital payments have grown by 42% in the last year due to the availability of the Internet. Central Bank Digital Currency (CBDC) has the potential to solve problems by working through transactions that reduce the cost of transactions. can reduce it.”

Why not support the current cryptocurrency?

Vikram Rangala, Chief Marketing Officer, Global Bitcoin Exchange firm Zebpay, says, “A crypto currency like bitcoin and ether is a public asset that is not recognized or owned by a nation. If you have internet, you can take crypto currency . “

“If a government wants to use crypto currency for the economy and monetary policy of the nation, then it has to make some rules to control it. There is no need for competition. Public and central banks of crypto currency go hand in hand. can.”

Satwik Vishwanath, co-founder and CEO of Unocoin, another bitcoin exchange firm, suggests a solution to these problems.

He says, “By collecting crypto exchange point no or customer (KYC), it can be transacted only through a bank account. In this way some bad elements will not be able to take advantage of it because in blockchain technology it can provide public transparency Will be found. “

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