Terms
Privacy
Company
Contact

Here's Why Government Wants To Regulate Cryptocurrencies


M
M
Maluxy2021/11/25 00:08
Follow

Here's why government wants to regulate cryptocurrencies Still confused about cryptocurrencies? Find answers to some frequently asked questions about it and blockchain technology.

Thumbnail of Here's Why Government Wants To Regulate Cryptocurrencies

A cryptocurrency is a generic name for a virtual currency Bitcoin is like a brand. Think of cryptocurrency as Cola and Bitcoin as, say, Pepsi. (Image: News18 Creative) Bitcoin is the most popular cryptocurrency in the world today. It is one of over 4,000 cryptocurrencies available in the world today. (Image: News18 Creative) Take a look to understand how cryptocurrencies work. (Image: News18 Creative) In April 2018, Reserve Bank of India (RBI) virtually banned cryptocurrencies and prohibited all regulated entities, such as banks, from allowing anyone to trade in them. (Image: News18 Creative) In February 2021, Finance Minister of India Nirmala Sitharaman told Rajya Sabha, a high-level Inter-Ministerial Committee (IMC) recommended a ban on all private cryptocurrencies, except any virtual currencies issued by state. (Image: News18 Creative) In November 2021, the union government has listed a bill to regulate cryptocurrency, barring a few exceptions, and provide a framework for the creation of an official digital currency to be issued by the RBI. (Image: News18 Creative) Cryptocurrencies do not maintain your records. Nobody knows who the seller or the buyer is, and that is a real danger in popularising cryptocurrencies. This anonymity can give rise to terror funding and money laundering.

india
government
crypto currency
BlockchainNewEra
M
M
Maluxy
Follow

Support this user by tipping bitcoin - Details

Send bitcoin to this address

Comment (0)