In the list of new bills that will be introduced in the winter session of Parliament, there is a bill related to cryptocurrency.
This news is for those 10 crore people of India who have invested in any cryptocurrency. The Government of India is going to completely ban private cryptocurrencies soon. In the list of new bills that will be introduced in the winter session of Parliament, there is a bill related to Cryptocurrency at number 10, in which it is clearly written that except the cryptocurrency to be issued by the Reserve Bank of India in the future, all private cryptocurrencies will be banned. If crypto is banned in the country like demonetisation, here is what will happen to about Rs 70,000 crore invested by these crores of people.
In the bill, it is written that a framework will be made for the official digital currency of the Reserve Bank of India and the purpose of this bill is to ban all Private cryptocurrencies in India. It is not yet clear which cryptocurrencies will these be but one thing is clear that if this bill becomes law then the market of cryptocurrency in India will change forever.
The number of people who have invested in cryptocurrencies in India is about 8 per cent of the population of India. These people have put their Rs 70,000 crore at stake in the form of such digital currency, which is not yet recognized in India and now the government is going to ban it. Indians are at the forefront of using cryptocurrencies all over the world. According to a report, about 19 per cent of the people living in the cities of India want to invest in some cryptocurrency in the coming 6 months and the number of youths in the age group of 19 to 35 is the highest. These are the youths who are betting on cryptocurrency like lotteries with the desire to become rich overnight.
Last week, Prime Minister Narendra Modi had said that the democratic countries of the whole world should ensure that this new-age digital currency does not fall into the wrong hands because if this happens, the future of many youths will be ruined. This is the first statement of the Prime Minister of India on cryptocurrency.
At present, there are more than 7,000 different crypto coins in circulation all over the world. These are a type of digital coin, whereas till the year 2013 there was only one cryptocurrency in the world, which is named Bitcoin. It was launched in the year 2009. Bitcoin is still the most popular cryptocurrency in the whole world including India, whose price in the year 2010 was not even 75 paise. But today, this price is around Rs 46 lakh. That is, if a person bought 10 Bitcoins for Rs 7.5 11 years ago, he would have become the owner of Rs 4.60 core today. The prices of cryptocurrencies go up and down rapidly but most of the youth are ready to take these risks in the desire to become rich quickly.
Here we want to make one thing clear that we are neither in support of crypto nor we are against it. We are just presenting all the facts related to this.
Blockchain technology works on such an algorithm, due to which only a limited number of new coins can be mined every time. Therefore, how much currency will come into the market, it is known in advance. For example, 90 per cent of Bitcoin has been mined so far. People often buy more of those things which may become scarce in the future and this is a big reason for the sudden increase in the price of a cryptocurrency.
Apart from this, this entire m speculation i.e. estimate is based on a kind of betting. Therefore, when a big industrialist of the world suddenly invests money in a cryptocurrency or praises it, its price starts increasing immediately.
Similarly, when a cryptocurrency is used in more and more transactions and people start buying everyday goods from it, then its trend increases and its price starts increasing.
But there are many people in the world who have bought cryptocurrencies in large numbers. When these people suddenly start selling their cryptocurrency, then the market crashes. Apart from this, it happens for other reasons as well. For example, China has recently completely banned the mining of cryptocurrency and as soon as this news came, the prices of cryptocurrency around the world started falling rapidly.
Crypto also has its dangers. Crypto is not yet recognized in India but there are at least 10 crypto exchanges working in India at the moment. These are a kind of digital wallet, in which you deposit some money in Indian Rupees, then buy cryptocurrency using them and you can also sell cryptocurrency on these exchanges. Whatever loss or gain you get from this, you can also transfer that amount to your bank account or any UPI based digital wallet.
But there are many banks and digital payment companies in India that do not allow transactions in crypto. Right now, there is no law in India to control it, similar to how you buy gold and it is not controlled by the government. You can say that cryptocurrency in India is not a currency right now but an asset, in which people are investing.
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