Skip to main content

Is cryptocurrency legal in India?

Every virtual currency comes with advantages as well as disadvantages, some get easily hacked while other companies make their currency as secure as possible and try to make it transparent and flexible to the world laws. That`s why crypto is ban in some countries, in some countries it is hostile and, in some countries, you are allowed to trade crypto without any obstacle. So, here comes India,
India allows its people to trade cryptocurrency, even one of the biggest investors of crypto in India is Amit K. Bhardwaj: Founder and CEO: GB Miners, Amaze Mining and Research Limited Website: highkart.com (India`s first e-commerce website) Net Worth: 1.86 billion dollars But India is planning to ban cryptocurrency a senior government official told Reuters and if the government of Narender Modi sustained the government in the next elections then, this ban will surely become law and India will be the first biggest economy in the world to ban the trade, exchange, and purchase of cryptocurrency. Amid the rise in such hindrance, Indians are investing more and more in Bitcoin. On asking, one of the investors told that: "It might be because of rising people`s greed." The Chief Marketing Officer of ZebPay (one of the Bitcoin exchange platforms) told Reuters that: "People have invested more in Feb 2021 in one day, than they have invested in the whole month of Feb 2020." But, Finance Minister of India Nirmala Sitharaman eases the investors saying that:
"The govt is not banning the crypto, it is actually banning the use of private crypto assets and promoting the use of blockchain technology, she added that the use of technology is not a crime that's is why India's Reserve Bank is working on its own digital currency based on the blockchain technology which is more secure and easy to track, to prevent crimes which includes terrorist funding and money laundering." The government panel in 2019 suggested 10-year prison for the ones found the victim of trading, mining, purchasing, and exchanging cryptocurrency but, officials didn`t say anything whether the new bill includes jail terms, penalties, or any other forfeit, they did say that this is still an open matter and the discussion is in its last stages. In 2020, India`s Supreme Court nullify the order of 2018 which forbids the banks the use cryptocurrency, and ordered the government to take action and make any law on such matters. As the case of cryptocurrency is under concentration, therefore cryptocurrency is legal to use in India up till now. Thanks for reading 😷.

Comments

Post a Comment

Popular posts from this blog

What is Data Mining, and how does it work?

  Data mining is a word we have always heard and tried to understand what it is but never got the right information, right! Just read along to get your hands on Data mining and you`ll be scared as well after knowing what it is. What you`ll know by the end of this blog: ·         Definition ·         How Google and Facebook fetch your data ·         What are Cookies ·         What are Tracking Cookies and Deep Face ·         4 steps of Data mining ·         Data Mining Techniques ·         Software and Tools ·         Pros and Cons Data is “Raw facts, and figures” while Mining is “Extraction” like gold mining. So, we can say that, Data mining is the process of finding peculiarity, patterns and correlations within large data sets to predict outcomes. Using a broad range of techniques. Let`s take a look at an example to understand it better ( Note: You can try it as well). First, open Facebook and scroll through without opening anything, now open something
Post a Comment
Read more

Struggling for job as an 18 year

Today, I am going to talk about the biggest problem for an  18-year-old and that is finding a job. When I turned 18 years old the biggest problem I face d is what to do. I tried finding jobs on Facebook, Career builder and even tried to do freelancing on freelancer and Fiverr. Well, I would say Career Builder is the best option only if you are a U.S. citizen. They provide you every kind of job and even the companies contact you after reviewing your resume, but this is only if you are a U.S. citizen. So, what could you do if you are not a U.S. citizen? So, here I found an option of investing in digital currency. But first I had to know, “ What is digital currency ?” L et’s see it : Digital Currency:                                           Digital currency  ( digital money ,  electronic money  or  electronic currency ) is a balance or a record stored in a  distributed database  on the  Internet , in an electronic  computer database , within  digital files  or within a 
Post a Comment
Read more

China and Musk trashes Bitcoin

  This year in history, Bitcoin reached its highest value ever as such during the lockdown the bitcoin wasn`t performing well. But, after it, the bitcoin steadily starts climbing the chart even though many countries like India was planning to ban crypto, people were investing in it. And when Elon Musk (Owner of Tesla Motors) announced on 9 Feb 2021 , that Tesla is going to invest $1.95 billion, the result was that the bitcoin reached its highest value in history, approximately $63,729 (according to data from Coin Metrics) on April 13, 2021. Now, approximately 2 weeks ago China banned cryptocurrency means you cannot trade anything with Bitcoin which initially decreases the value of Bitcoin to about 9%. And also, Elon Musk in his tweet said that Tesla will no longer accept Bitcoin for car purchase, due to which it goes to 30-40% and reached its lowest value since Feb 2020. it also affected the other crypto`s associated with Bitcoin like Ethereum. He said in his Tweet that “ Tesla has s
Post a Comment
Read more