Interviewtimes 
Bitcoin price increased Tuesday after Elon Musk’s electronic car company Tesla announced on Monday that it would invest $ 1.5 billion in Bitcoin. The price of a single bitcoin has croaased $ 47,000. Finance Minister Anurag Thakur, on the other hand, told the Rajya Sabha on Tuesday that the government would soon introduce a new bill for cryptocurrencies as the current law is not capable of addressing the issue.
In response to a question, Thakur said regulatory agencies such as the RBI and the SEBI have no legal right to regulate cryptocurrencies directly. The current law is not enough to deal with it. The government has set up an internal ministry committee. It will report on the virtual currency. Thakur said a bill on cryptocurrencies was being finalized. It will be presented to the Cabinet soon. “We will come up with a new bill soon,” he said.
In view of the risks associated with Bitcoin, the RBI, in a circular issued in April 2018, advised all its subsidiaries not to borrow or provide any services related to the virtual currency. However, on March 4, 2020, the Supreme Court issued an exemption order on the RBI’s circular.
Cryptocurrency prices have risen sharply in the past three days. Bitcoin, Lightcoin and Dougcoin have seen a sharp rise in prices. In the last 24 hours, the price of the world’s most popular cryptocurrency bitcoin has reached record levels. A bitcoin is currently trading at $ 47,553, or more than $ 34.66 lakh. In the last 24 hours, the price of bitcoin has risen by 21.47 per cent to $ 886.16 billion, or more than Rs 64.60 lakh crore.
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