Crypto Ban in India - Cryptocurrency Bill 2021
Before Starting the Crypto Bill 2021, First, we have to understand the cryptocurrency. So cryptocurrency is digital Money created from code and crypto economy monitored by the peer to peer internet protocol. Examples of crypto like Bitcoin. Ethernum Dogecoin etc.
So India Government announced that the Government is thinking of Completely Ban Private CryptoCurrency.
Before The Just Think
“ Today the Internet is everything in our Life and we Fully Connected to the Internet. So in the past, If the Government banned the internet when the internet tried to enter India. Then Today India is the same as That India” So just think. You will get the answer that Crypto Ban is Good or Not
Background
In 2008,
RBI (Reserve Bank of India) issued a circular that Banks and Financial institutes can not deal with cryptocurrency. Then the Internet and Mobile association challenge this circulation in the Supreme Court of India.
In 2020,
Then in March 2020, Supreme court Batch quashed this circulation.
In 2021,
The RBI views on Cryptocurrency that If Crypto allowed in India it will affect the Indian Economy in a Bad Way so Now the Government of India is planning to bring a new Bill which Ban cryptocurrency and launches its own Digital Currency.
Reason for Indian people attraction toward Cryptocurrency
- Government policies fail to recover the Economy during this pandemic. So people like to invest money in those areas where the return of investment is high.
- The Indian banking system is unable to attract people for investing money in the bank because of many reasons like Interest, Loan waiver, Banking Scam like Neerav Modi etc, Collapse of some banks and Privatisation.
- Currently, there is no taxation law in India for cryptocurrency.
- Crypto is considered Digital gold. For example in 2013, Bitcoin is at $123 but in 2021 it crosses $50000
CryptoCurrency Advantage
- Reduced Financial fraud
- Reduce Corruption
- Immediate Transaction with low fees - So it helps Entrepreneurs in India and develops technology that helps to increase the Economy.
- More option for Monetary policy
- Attract FDI
- Technology development
- Enhance Economy
Cryptocurrency Disadvantage
Cryptocurrency is also not perfect so it also has some disadvantage
1. Deregulation is not Good.
2. It is not Secure
3. Slow transaction of cryptocurrency, because of security reason
4. Crypto is not stable and it’s Volatile
5. And Last India is not Ready because of less Digital Literacy. For example, In India, only 5 in 100 people know about Crypto so only rich people will invest and which increases the gap between the poor and Rich people.
The last Thinking Question That after this step taken by the Government of India. Is Other Nation Also Think on Crypto law or Crypto Ban. So Answer Is Yes Many Developing Country Thinking On Ban Crypto and Developed country think on Crypto Law.
So Comment Your View that Crypto BAn In India is Good OR Not
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