The whole world is talking about cryptocurrency. These currencies, also known as a digital currency and virtual currency, are seen as valid in all countries. A large number of cryptocurrencies, including Bitcoin, Ethrium, drone, and Shiba, are now said to be in circulation.
In addition, various countries have cast suspicious eyes on this currency. Many countries have not approved it. El Salvador has created a stir by announcing that it will build the world's first bitcoin city. Cuba has also recognized this crypto.
In India, advertisements are being released that investing in crypto will result in higher profits. No restrictions have been imposed on these currencies here. It has been reported that the Government of India will bring the Cryptocurrency and Regulatory and Digital Currency Bill.
Economic advisor Soma Valliappan about this,
"Although the first cryptocurrency bitcoin was created globally in 2009, it has become 2014-15 for it to arrive in India. It is surrounded by a large business world. This cryptocurrency, which was confined to urban educated people, has now slowly spread and come to the next level. There seem to be agents even in small towns. It is learned that about Rs 40,000 crore is being generated and one crore people are accounting for it and operating it. Such a matter has been taken up by the Centre so late. If any action is taken and banned, the monetary value will be greatly reduced. Therefore, it is something to be careful about.
On the whole, even if it's not today, a few years later, it'll be discovered as if 'it's wrong that so much money went into the cryptocurrency, they did it, it's wrong that they did this.' This is still the case. To create and trade today, in the name of the product, which is of no use, to help in the transfer of money, is to stimulate the desire to make a profit in a short time. Many may have made profits last year. But it is not sustainable. Someday there may be a great deal of difficulty. So simple people don't go into this with a big dream.
Don't different countries recognize this?
To recognize, the correct guidelines have not yet been developed around this. It's new. They are bought and sold in many countries. As far as the government is concerned, it is said, 'If you do business, pay taxes if you make a profit, don't deceive anyone.' 'If you buy this product, it'll be expensive and then it'll go down. The government will not say, 'Be careful.' People buy it knowing that. There will be profits and losses in trade. That is how any government sees it. There are many different ways of recognition. We think of what is not prohibited as recognition. So there is now uncertainty here as far as cryptocurrency is concerned.
Are you sure RBI is going to introduce digital currency?
Digital currency is different, cryptocurrency is different. Digital currency is the electronic transfer of our rupees. Cryptocurrency is a new type of limited material that is done by electrical mining. But I don't know what the government is saying. I don't know if they're going to make a new cryptocurrency. So we can't come to a conclusion about it at the moment.
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