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Here's Why Government Wants To Regulate Cryptocurrencies

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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.

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