A Lot of discussions are happening over Bitcoin and other cryptocurrencies. Bitcoin is a programmable digital format currency that has no centralized control by the government. It was developed in 2008 and its popularity is rising on top gradually. The crypto traders can invest and trade using crypto wallets, accounts, and exchanges. The transactions activities are recorded to a digital programmable register called a ledger. Every transaction is secured with blockchain and encryption technology. The sender and receiver both are verified through the encryption keys.
In the year 2018, the Indian government has imposed a ban on the circulation of digital cryptocurrency transactions. The Supreme Court has taken the stand on this and got the restriction to cancel this ban in March 2020. Since then, it has been in the news.
Everyone is waiting for the winter session of the Indian government parliament so things can be uncovered about Cryptocurrency and its Regulation of Official Digital Currency Bill 2021. Cryptocurrency trading is welcomed by many investors. They were earning good profit so a person is asked about where the money goes? Where does it come from? Is it valid to trade in digital currency?
On Monday, The question arises again in the parliament. In reply to this Finance Minister Nirmal Sitharaman has said India is not planning to launch a proposal for the identification of cryptocurrency not for Bitcoins also. The Indian government does not track the details of the transaction for digital cryptocurrency.
During all the discussions, a few things have appeared on the desk. One of the significant things is that RBI will take the responsibility to launch an authorized digital currency. As per the updates, another thing is proposed in the Cryptocurrency and its Regulation of Official Digital Currency Bill 2021 that is the government is trying to suspend the circulation and transactions of a few private cryptocurrencies. It will not be effective on all cryptocurrencies. The initiative is taken to support other upcoming technologies for digital transactions.
