Understanding the uncertainty around Cryptocurrency in India

CIOReviewIndia Team | Monday, 14 February 2022, 04:41 IST

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If you look at the story about the bill in India about the digital coin, things are still shaky. The winter session at the parliament was supposed to talk about the investment in digital coins. However, the prices seem to be crossing high, and we have nothing coming out in the Indian parliament about it. The bills that discussed putting a blanket ban on digital coins have yet to come out. However, this has only added a good amount of uncertainty around Bitcoin and other digital coins. As per the bulleting from the Indian government, we have seen the update coming in about the same. It stated the bill's real purpose, and one can see it getting introduced in the winter session. The bill's real purpose is to develop a good framework for creating the official virtual currency issued by the RBI. Read more about bitcoin selling and buying in the immediate edge platform

The ban or un-ban debate

As stated earlier, the country is supposed to ban digital coins. However, the growing interest of people towards the coin is changing the world. Thanks to the intervention from the Supreme Court has come in favour of the coin. It stated that the RBI would not ban the coins but would regulate them to avoid the misuse of the coin. At the same time, the RBI will embark upon its digital coin that would undoubtedly end the debate around the coin. We have seen similar roles of central banks in different nations. The experts claim that they will not be going to offer a good option in Bitcoin and other things, and it will further help you in a big way in terms of transactions taking place in this domain. As per the RBI orders, one can find the Supreme Court now claiming the transaction of the coins in a big way. As per the RBI rules, they are now planning something significant about digital coins. However, it will only be apparent when the bill is put across in the house and gets the green signal soon.

The road for digital coins in India

There is confusion about digital coins in India. The bulletin released last year about it talks about the same. At one end, we hear about banning the private coins, and at the next moment, we hear that RBI will bring in a private coin. As the bulletin claims, the bill's fundamental idea can help create the official digital currency coming from the RBI that will help give away the private digital coins. In this way, one can argue that private coins will refer to a small number of people in the market. You can find many digital coins working as per the Blockchain ledger to help gain public data. Digital coins now act as the best medium of exchange. Hence, it will help buy several products and services found among the illegal stuff. One can find people now speculating a lot on the price of digital currency. It is expected to link with any private currency that remains out of context. It will help with some of the best fiat currencies options issued by central banks. Also, traditional money remains the key asset that can act like the best choice for the government.

The Bill and Cryptocurrency value

Digital currency remains the best bet for acting like an ideal choice for fiat currencies acting like the USD. However, many more governments and their banks are unwilling to put the coin in a big way. Some argue that the state can create as much money as possible from the usual format that has brought private coins out. The centre is now looking forward to banning digital coins circulation in the market. The key reason for doing it is to secure their fiat currency in a big way. The digital currency enthusiasts are now arguing a lot about digital currencies that act like silver or gold, and it helps in securing people in a big way in terms of wealth and inflation. But at the same time, you need to note that the assets like silver and gold only act like hedges, and it will remain the critical value.

 

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