Cryptocurrency Bill: In 2018, Arun Jaitley talked about banning cryptocurrency and the Reserve Bank of India (RBI) also banned bitcoin. Recently, the Supreme Court has again allowed to put money in Virtual Currency. Now the government is bringing a cryptocurrency bill to Parliament to cure it.
Cryptocurrency Bill: In the current session of Parliament, the government is in full readiness to introduce a bill for the regulation of cryptocurrency (Cryptocurrency and Regulation of Official Digital Currency Bill). Through this bill, private cryptocurrency will be banned in India and a framework will also be prepared for launching a digital currency on behalf of the Reserve Bank of India.
RBI imposed ban, Supreme Court allowed
In 2018, the then Finance Minister Arun Jaitley proposed a ban on the use of bitcoin and other virtual currencies, following which the Reserve Bank of India banned cryptocurrency transactions. But recently the Supreme Court has once again allowed people to buy and sell virtual currency. In view of the record boom in cryptocurrency in recent months, the government wants to ensure that Indian investors do not have to take risks. Apart from this, there are also fears that cryptocurrency may also be used for money laundering, as there are no KYC rules.
On whose suggestion is this bill being brought?
The bill is being introduced on the basis of the suggestions of a committee headed by Economic Affairs Secretary SC Garg. The committee also has members from SEBI and the Reserve Bank of India. The panel of this committee suggested that private cryptocurrency should be banned by passing legislation in Parliament, but blockchain and distributed ledger technology should continue to be used in financial services, so that better tracking of loans, insurance claim management and fraud detection Can be done easily.
Also Read: Tarak Mehta’s ‘Babita ji’ angry with Salman Khan, know the reason
Ban’s talk has made the digital industry worry
This proposal to ban cryptocurrencies has already put the industry in worry. Shivam Thakral, CEO of BuyUcoin, said that he has urged the government to get the opinion of all the stakeholders once before taking any decision. A single government decision can affect many people in India’s digital industry. He has said that he is committed to safeguarding the interest of the industry with everyone. Explain that BiCoin is the second largest cryptocurrency exchange in India. Another exchange is Zebpay, with which around 3 million traders are connected from all over the world. Jebpay says that cryptocurrency should also be viewed as an asset class such as gold, and every detail of this bill should be closely watched.
Returned more than 300 percent in 2020
If we talk about its returns in 2020, bitcoin has given about 300% in 2020 i.e. about 4 times return. This means that if someone had invested 1 lakh rupees in bitcoin in the beginning of 2020, by then his money has been converted to 4 lakh rupees. On 31 December 2019, the price of bitcoin was $ 7212, which rose to $ 28,599.99 by 30 December 2020 and reached $ 32,606 in the new year.
What is bitcoin?
Bitcoin is a type of cryptocurrency. ‘Crypto’ means ‘secret’. It is a digital currency that works based on the rules of cryptography. Its most important thing is that you cannot touch it because it is digital. Bitcoin was launched in 2009. The price of bitcoin is continuously increasing. As of Thursday morning, its price has crossed about 8.31 lakh. It is a kind of digital currency. It was started by a man named Elias Satoshi.
How does bitcoin work?
Bitcoin expert Hitesh Malviya explains that bitcoins are virtual coins, designed to create and increase their value. In this way, you do not have to go to banks for money transactions. If any person has bitcoin, its value and value will be treated in the same way as gold is considered when trading in ETFs. With this bitcoin you can also do online shopping and also keep it as an investment. Please tell that these bitcoins are also transferred from one personal e-wallet to another personal e-wallet. These e-wallets are your personal database, which you store on your computer, laptop, smartphone, tablet or any e-cloud.
How is bitcoin trading?
Bitcoin trading can be done through Kraken. For this, first you have to create your account. After this the account has to be confirmed via email. Once the account is verified, you can select the trading method. There is a chart for trading in which bitcoin price history. You can buy and sell bitcoins by ordering on time. The change in bitcoin prices is very unpredictable and rapid, so there is danger in it.
This is very different from the stock market
The price of bitcoin is the same at a time worldwide, hence its trading became famous. The price of bitcoin keeps on fluctuating according to the activities of the world. It is not determined by any country but is digitally controlled. Like the stock market, there is no set time for bitcoin trading. Its price fluctuations are also very rapid.
Investing in bitcoin is dangerous
Virtual currency like bitcoin can be seen to fluctuate ever more. On several occasions in the last 5 years, bitcoin has fallen by 40-50% without any indication. In 2013, the price of bitcoin fell by more than 70 percent in a single night in April. Bitcoin reached $ 233 and suddenly fell to $ 67. Bitcoin is still traded in many countries, but investing in it can prove to be very dangerous. The worst thing about bitcoin is that it is mostly used in hacking, supply of drugs and illegal trading of weapons, which is illegal.
Bitcoin is also the reason for the huge loss
Although Bitcoin is banned in India, but bitcoin is also traded here secretly. Bitcoin trading in India is considered a crime. The rich people who invest in bitcoin are those who want to increase their capital rapidly through this online currency. The government says that it has no data on virtual currency and hence its trading may be threatened. The Reserve Bank has also given strict instructions on bitcoin.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
