- Modi said that crypto should be used to strengthen democracy
- All countries need to work together to make rules in this regard.
- Social media and crypto should not be used to weaken democracy
The debate over the future of cryptocurrencies like Bitcoin continues in the country. Till now there are no rules and regulations in the country regarding this. The winter session of Parliament is going on and the government is preparing to introduce a bill related to cryptocurrencies in it. Prime Minister Narendra Modi has to take the final decision on whether or not to recognize cryptocurrencies in the country. Meanwhile, Modi has said that social media and cryptocurrencies should be used to strengthen democracy.
Modi said at the UN Summit for Democracy on Friday that all countries of the world need to work together to create global rules for emerging technologies like social media and cryptocurrencies so that They should be used to strengthen democracy, not to weaken it.
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popularity of bitcoin
Cryptocurrencies like Bitcoin have grown in popularity around the world over the past few years. India is also no exception to this. According to industry sources, more than 100 million people have cryptocurrency in the country. This includes youth as well as senior citizens. The number of crypto owners in the country is more than that of the US. But the government’s stand on cryptocurrencies is not yet clear, leaving crypto owners in a dilemma. Different regulators and experts of the country have different opinions on this.
There are currently no government guidelines or rules and regulations regarding cryptocurrencies in the country. The government may introduce a bill in the current winter session of Parliament. SC Garg committee has suggested banning cryptocurrencies in India. But the industry says that it is not possible to ban cryptocurrencies completely. In March, Finance Minister Nirmala Sitharaman had indicated that virtual currencies would only be regulated, not banned.
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what did sitharaman say
Sitharaman had recently said in the Rajya Sabha that trading in cryptocurrencies is a risky area and is not within the regulatory framework. For this reason it is very important to think carefully about it. Sitharaman said that it is very important to keep in mind its potential dangers. Cases of fraud related to crypto currency have been seen in India. Eight such cases are currently being probed by the Enforcement Directorate.
Steps have been taken to create awareness about this through RBI and SEBI. The cryptocurrency bill prepared regarding this will be introduced soon.
Earlier, on the first day of the winter session, Sitharaman said in a written reply that the government does not collect transaction data for bitcoin and has no plans to recognize it as a currency. The RBI had banned cryptocurrencies in 2018. The Supreme Court lifted this ban in 2020. Negotiations are underway between industry stakeholders and the Center for regulation of cryptocurrencies. But the RBI is constantly warning the government of its dangers.
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ban on bitcoin
Industry experts say that there will be no complete ban on cryptocurrencies in the country. The market cap of bitcoin is over $1 trillion. The government had talked about putting cryptocurrencies in the asset class. So it was expected that bitcoin could be classified as an asset class. According to the Blockchain and Crypto Assets Council, there are crypto assets worth Rs 6 lakh crore in India. The Standing Committee on Finance led by Jayant Sinha met representatives of the Crypto Exchanges, Blockchain and Crypto Assets Council (BACC). The committee said that cryptocurrencies should not be banned but should be regulated.