What is Cryptocurrency; is it legal in India?


New Delhi: Cryptocurrency is a virtual currency, often referred to as digital currency. Bitcoin is one such cryptocurrency. You can’t touch it, but you can hold it. That is, it is a digital form of currency. It’s not in your pocket in a solid form like a coin or banknote. Completely online. It can also be placed in virtual space. Although it is not yet legal in India. The government is yet to approve this in India despite continuous demand from private players.

Why isn’t crypto legal in India?

Although many countries have legalized cryptocurrency, the Indian government’s stance is unclear. However, the government is considering regulating this. However, it has been completely banned in many countries. Gaurav Garg, head of research at Capital Via Global Research Limited, explains that Satoshi Nakatoshi developed the concept of cryptocurrency to combat the 2008 recession. In order to recover from the recession, companies gave loans, but their processing used to take 10 percent. . Only 90 percent of the amount could reach the borrower. Cryptocurrency was born in the light of all these shortcomings. In which there is no processing fee whatsoever. Anyone can conduct it from anywhere. Gaurav says it is a bit difficult to control.

While Kshitij Purohit of Capital Via himself claims that cryptocurrencies are neither banned nor completely open in India. India is planning to introduce a new law regarding the trading of cryptocurrencies. However, the Reserve Bank of India has demanded a ban over the scam. However, cryptocurrency exchanges knocked on the door of the court and won in March 2020.

What does RBI say about this?

In March this year, RBI Governor Shaktikanta Das said at an event that the central bank (RBI) has many concerns about cryptocurrencies. Das said, “Both the RBI and the government are committed to financial stability. We have informed the government about some serious concerns about cryptocurrencies. The government will make a decision on this soon.

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