What Is Cryptocurrency| Is Cryptocurrency Legal In India?
Is Cryptocurrency Legal In India: Cryptocurrency is a virtual currency, which we often know as a digital currency. Bitcoin would have been a cryptocurrency that you could not touch but hold. Meaning that it is a digital form of currency. It is a currency that is not in your pocket in a solid form like coins or notes. Is completely online. You can also place it in a virtual space. However, it is not yet considered legal in India. Despite the constant demand by private companies, the Government of India has not yet approved it in the country.
Why Is Crypto Not Legal In India?
Although many countries of the world have given legal recognition to cryptocurrencies, the stand of the Government of India on this is not yet clear. However, the government is considering regulating it. However, it has also been completely banned in many countries of the world.
According to Gaurav Garg, Head of Research, Capital via Global Research Ltd., the concept of cryptocurrency was developed by Satoshi Nakatoshi to deal with the 2008 recession. To overcome the recession, companies gave loans, but their processing took 10 percent time. Only 90 percent of the amount could reach the borrower. In light of all these shortcomings cryptocurrency originated which does not have any processing fee. It can be operated by any person from any corner of the world. According to Gaurav, controlling it is a bit difficult task.
Whereas Kshitij Purohit of Capital Via himself claims that cryptocurrency is neither completely banned nor completely open in India. India is working on a plan to introduce a new law relating to the trading of cryptocurrencies. However, there has been a demand by the Reserve Bank of India to put a stop to this scam. However, the court was approached by cryptocurrency exchanges and a victory has been registered in March 2020.
What Does RBI Think About Cryptocurrency?
In March this year, RBI Governor Shaktikanta Das said at an event that the central bank (RBI) has several concerns regarding cryptocurrencies. According to Das, ‘both the RBI and the government are committed to financial stability. We have notified the government of some serious concerns regarding cryptocurrencies. The government will take a decision on this very soon.