Indian Government move to ban cryptocurrency

Cryptocurrency is a kind of digital currency in which the encryption techniques are used to administer the origination of units of currency and to check the transfer of funds, operating freely of a central bank.
The decentralized cryptocurrencies like bitcoin now provide an outlet for personal wealth that is beyond the constraints and appropriation segment.

The cryptocurrency works in such a way that the Transactions are sent between peers using a program called cryptocurrency wallets. The person initiating the transaction uses the wallet software to transfer amount from one account to another.

Bitcoin is a digital and global monetary system of managing the currency. Sir Satoshi Nakamoto invented Bitcoin. It allows people to grant or accept money across the internet, even to someone they are not familiar with or don't trust. The mathematical segment of cryptography is the exact origin for Bitcoin's security.

Time for some reality check; The cons of crypto – One of the most significant disadvantages of cryptocurrency is the constant variation of the price. And this makes it difficult for the merchants to accept and use crypto. It's arduous when you cannot be 100% sure about how much the crypto is going to be worth just a day after, uncertainty fills the air. But for the fact that risk shall prevail where there is money. A cryptocurrency is a medium of exchange like standard currencies such as Indian Rupee or USD, but only designed for reciprocating digital information.

The consultations on a bill called “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” was announced earlier in India as the Indian lawmakers have taken an unfriendly approach towards the cryptocurrencies and have implied an urgent need of a ban on the digital currency. The bill was drafted by a committee that constituted many ministers under the Finance Secretary, Subhash Chandra Garg.

The department of economic affairs acknowledged the ministry of corporate affairs that individuals and companies are doing the selling, purchasing, and issuance of cryptocurrencies such as Bitcoin, Cashcoin, etc. on the false stimulus of huge returns. These schemes are neither translucent nor constitutional. Many of them are run as bait schemes, and that the same schemes were being used to dupe naive investors. No matter how bad things seem, but there's surely no doubt in the fact that cryptocurrencies are the face of the Future.

Author: Rishika Chhabra

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