If you have been following the news than you must have noticed that there is a lot of debate going on on cryptocurrency. As we know the government has always been against the concept of cryptocurrency and has been awaiting the Cryptocurrency Bill to be passed and approved by the Cabinet. In this article you will get all the information regarding cryptocurrency, its advantages and disadvantages and all the debate going on.
What is Cryptocurrency and its Advantages and Disadvantages
Imagine you are making an online transaction to your friend, there are many ways it can go wrong, either there could be a problem with the bank, the account can get hacked or the limit might exceed right? To avoid such a mishappening cryptocurrencies come into the play. With cryptocurrencies safe and secure online payments can be made which is dominated by virtual “tokens”. There are thousands of cryptocurrencies but the most used is Bitcoin.
Let us go through the pros and cons of cryptocurrency in order to understand the reason behind Cryptocurrency Bill being passed. It is a secure and private, cost-effective mode of transaction through which the funds can be transferred easily. Though it comes with a lot of advantages it does carry a lot of risks and problems. There is a risk of data loss, it does not allow refund or cancellation and on top of that there is high consumption of energy.
All About The Cryptocurrency Bill
In the coming Winter Session of Parliament, a comprehensive bill on cryptocurrency will be presented by the government. Earlier a draft had been proposed of the bill banning the use of digital currency in India but according to the sources the government may adopt a “middle path” on the crypto bill. Even the RBI was also against cryptocurrency and had banned it but the Supreme Court had struck down the order in March 2020.
According to a source the government was not against cryptocurrency and instead wants to look into ways it can help the country’s fintech sector. On November 15 a discussion is scheduled to be held on crypto assets by The Standing Committee on Finance.
There has been a debate going on on whether cryptocurrencies will be treated as a currency or an investment asset which has become a major issue that needs to be resolved by the government. However , according to some sources there is a slight chance of cryptocurrency getting the status of currency in India.
What Will Be The Future Of Cryptocurrency In India
Now the future of cryptocurrency will depend on the Bill which will be passed . Till yet the government has not banned it but recently the RBI clearly stated that it is not in the favor of cryptocurrencies in India. There is also a news that has been going around that the government may make its own cryptocurrency.
The market of cryptocurrency in India has expanded 641 percent in the past year which has driven the growth of digital currencies in central and South Asia. This may thwart the government’s decision of banning cryptocurrency in India.
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