What is the stand of the Central Government regarding Cryptocurrency, will it be legal or banned in India?
We told you in the first part of Complete information of Cryptocurrency. Our expert told how it can be bought, who made it and where we can use it. In the second episode of the series, we will talk about its legal aspect. The trend of cryptocurrencies is increasing around the world. In such a situation, if everything goes according to what RBI has made, then next year India will have its own cryptocurrency.
Cryptocurrency is not legal in India, why so?
Although many countries have legalized Cryptocurrency, the stand of the government in India is not clear. The government is considering regulating it. At the same time, it is completely banned in many countries. Gaurav Garg, Head of Research, Capital Via Global Research Limited, explains that Satoshi Nakatoshi came up with the concept of cryptocurrency to overcome the recession of 2008. To get out of the recession, companies gave loans, but its processing used to take 10 percent. Only 90 percent of the amount could reach the borrower. In view of all these shortcomings, cryptocurrency was born. In which there is no processing fee of any kind. Anyone can do transactions through it from anywhere. Gaurav says that it is a bit difficult to regulate it.
What did RBI say?
Kshitij told that in March this year, RBI Governor Shaktikanta Das said during an event that the central bank (RBI) has many concerns about cryptocurrency. Das said, “Both the RBI and the government are committed to financial stability. We have informed the government about some major concerns regarding cryptocurrencies. The government will take a decision on this soon.
Can a person from India buy crypto from here?
Yes, very easy. Because it does not require any kind of paperwork. Everything is online. If the whole market is open, then anyone can buy this currency anywhere. Yes, but some banks do not allow the business of buying cryptocurrencies in exchange for money at present, because it is not fully regulated in India.
What does it mean for the government to create its own cryptocurrency?
RBI and the Finance Ministry have said that they will consider making laws for India’s own digital currency and its regulation. But bringing India’s own digital currency is easy. The government will only have to give the status of a legal tender to any type of transaction, which can be used by the people of India. Union Finance Minister Nirmala Sitharaman has made it clear that the government does not plan to ban cryptocurrency completely. In fact, the government wants to protect the blockchain technology based on cryptocurrency. Experts say that issuing digital legal tender is challenging.
So, the concept of cryptocurrency legal or banned in India is clear but you have any other query regarding to cryptocurrency then you can post your query.
