Home National The government may introduce a law to ban Crypto Currency Trading in...

The government may introduce a law to ban Crypto Currency Trading in India

278
0

Enthusiasm for the cryptocurrency is now growing around the world. As a result, Bitcoin is now a new medium for investment. Bitcoin has been trading in India since March 2020. Since then, bitcoin transactions have increased by more than 800 per cent. Let’s find out if this will be a meaning of investing in cryptocurrencies or whether investors will have to find new options for investing.

Last Wednesday, the Bitcoin grew by 4.5 percent. As a result, the Bitcoin price reached $ 20,060 (Rs 15.02 lakh). In November, Bitcoin surpassed $ 14,000. So we have to figure out what is Bitcoin or Crypto Currency? This is commonly called digital currency. It is a complete electronic system that can be used for transactions without the consent of the government or the bank. Such currency transactions are done through coding. It’s not easy to hack, so it’s less likely to be fraudulent.

In India, however, such currency transactions are prohibited. On March 8, 2020, the Supreme Court challenged a 2016 circular by the Reserve Bank of India (RBI) to accept a case. In which Supreme court restricted bank’s cryptocurrency services.

According to a circular issued by the RBI on April 7, 2018, the provision of any kind of virtual currency is prohibited. With the adoption of cryptocurrency, digital currency and equity technology for fundraising, the central bank is operating separately from the system. According to media reports, the Narendra Modi government at the Center will soon enact laws to curb such currency transactions in the country.

Image Source : Google