What is the plan in India regarding crypto currency?
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If you are trading in cryptocurrency, then you must have seen the news in which the Indian government is planning to do cryptocurrency in the country.
The Government of India has decided to introduce the Crypto Currency 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 cryptocurrency in India.
The world is watching every step of India on cryptocurrency. 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 clarified that the government does not plan to ban cryptocurrency altogether. In fact, the government wants to give a defense shield to the blockchain, a technology based on crypto-currency.
However, 25-year-old Ruchi Pal’s expectations are still very high and he has decided to trade in cryptocurrency 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 cryptocurrency and some Action was taken and then everything was over. “
What do they 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 will not have a special effect on our lives. “
Indians are buying a large number of cryptocurrencies, but there is no official data about this. They do not want to leave the opportunity to earn enough profit.
A person who invests in cryptocurrency, without making a named 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 cryptocurrency?
A cryptocurrency is a digital form of currency. It is not in your pocket in solid forms like a coin or a note. It is completely online and as a business, it is traded without any rules.
It is not issued by any government or any regulatory authority.
The Central Reserve Bank has again raised the issue of cyber fraud due to digital currency again this year.
In 2018, the RBI banned banks and regulated financial organizations for supporting cryptocurrency 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 cryptocurrency 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 cryptocurrency to sell it.
There is no official data on how many Indians have cryptocurrency or how many people trade in it, but several media reports have said that crores of people are investing in digital currency and it has increased during the epidemic.
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 the wholesale level or can be used by the general public also?’
Will the Reserve Bank of India ban commercial bank accounts after citizens’ digital currency accounts? For this, technological innovation and implementation will also be a big challenge.
Apart from this, tax, money laundering, insolvency code, payment system, privacy and data protection will also be major challenges.
Monarch Modi, founder, and CEO of Indian bitcoin exchange company Baitex, believes that India’s digital economy has changed due to Kovid-19.
He says, “Digital payments have increased by 42% over the past year due to the availability of internet. The central bank has the ability to solve problems by working through digital currency (CBDC) which can reduce transaction costs in transactions. Can do less. “
Why not support the current cryptocurrency?
Vikram Rangala, Chief Marketing Officer, Global Bitcoin Exchange firm Zebpay, says, “A cryptocurrency like bitcoin and ether is a public asset that is not recognized or owned by a nation. If you have internet, you can take cryptocurrency. “
“If a government wants to use cryptocurrency 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 cryptocurrency go hand in hand. Can. “
Satvik Vishwanath, co-founder, and CEO of another Bitcoin exchange firm Unocoin 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 blockchain technology it can provide public transparency Will be found. “
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