Top News
Why is there confusion over the law on cryptocurrencies? Read answers to important questions
Published
14 seconds agoon
By
Press24 News- Alok Joshi
- Senior Journalist for PRESS24 NEWS Hindi
image source, Getty Images
Many people were to be relieved to hear that the government would bring a law on cryptocurrencies, but the opposite happened. There has been a panic in the cryptocurrency business and seeing the news that is coming in the filter, it seems that the chaos will continue for now.
You must have seen the game of toss i.e. coin toss, but many times instead of tossing the coin for the toss, children make it dance like a chuckerghini.
The weight of the coin and the quality of the floor determines how long it will dance and then when the coin will be head or tail when tired and making loud noises.
The case of bitcoin is also like the coin made at this time. Now it is difficult to say how long it will keep spinning.
Such a sharp comparison is not unnecessary. The reason is that the government has made many things clear, as soon as the draft of the Cryptocurrency Bill comes out, a lot more will become clear, but now there is every possibility that even after that, there are many questions in this story. Will stand and the confusion which was expected to end may have increased. That is why it is said that how long this coin will continue to dance is not known.
image source, Reuters
confirm two things
From the details given by the government in the list of contents of the Parliament to introduce the Cryptocurrency Bill and the name of the bill, it is clear that there are two things to be done here. One is to ban private cryptocurrencies and secondly, the rules of how the government digital currency will come from the Reserve Bank of India, how it will run, are to be decided.
What digital currency will the Reserve Bank bring, how will it run and how much will it be digital and how much currency, the answers to all these questions will be revealed soon because soon after the bill is passed, that is, next month, the Reserve Bank will start pilot testing of its currency. Will give such preparation.
But the formidable questions are on the other side i.e. how will the banning of private cryptocurrencies work? What would be considered a private cryptocurrency? And as per the details given in the table of contents of the Parliament, what would be the few cryptocurrencies that would be allowed to operate as an exception and what would be the basis for giving them this exemption?
image source, Reuters
hidden layers within questions
There are some more layers hidden within these questions, but before going on them, it is important to understand that what is a cryptocurrency or a crypto currency? If you look at the meaning of crypto in the dictionary, it is written – hidden or confidential. That is why its name in Hindi fits right as Kootamudra. You may not even have heard the word cryptography, but this whole business rests on this, that is, on the principle like cryptography.
In simple language, cryptography will be called the art of hiding information. Similarly, cryptocurrency is a theory that uses digital files as money. These digital files are also created on the lines of encryption. These are very hard codes and digital signatures are used to keep the transaction secure so that the payee can also be sure that the transaction has actually happened i.e. this hidden currency has reached him.
It sounds simple to hear, but this is the reason why many doubts and questions arise and keep happening on its existence or the safety of your money in it. But on hearing about the earning of eight thousand percent in the last five years, the doubts of many people get cleared and saliva starts dripping.
The result of this is that not millions but crores of people in India are sitting by investing money in such cryptocurrencies. How many such people are there and how much their money is stuck, there is no reliable data about it.
But a full-page advertisement was given by the cryptocurrency business in the past, in which it was claimed that crores of investors of the country have invested about six lakh crore rupees in cryptocurrencies. This is a huge amount. Three percent of the country’s GDP and about one-fifth of the previous budget.
Is that much money really invested in cryptocurrencies? No one can answer this, because the trading of cryptocurrencies, despite being online, is an underground business in a way.
image source, EPA
government several times signal given
The advertisement also has the names of cryptocurrency exchanges at the bottom and Internet and Mobile Association of India and BACC i.e. Blockchain and Crypto Assets Council above them. BACC has put in place a code of conduct for crypto trading in India and it is stated here that the exchanges and companies involved in it adhere to it.
But this is all a role. The real point in that advertisement is that in order to protect such a huge amount of money for so many people, it is necessary that the government should create a transparent and regulated system to regulate crypto business, that is, create an environment.
In the recent past, Prime Minister Narendra Modi has discussed cryptocurrencies more than once. The Standing Committee on Financial Affairs of Parliament has not only discussed this, but has also called people associated with this business and held long talks with them and economic experts. It seemed that the government has now made up its mind to give a green signal to this business.
However, in the meantime, the Governor of the Reserve Bank had rang alarm bells on more than one occasion. RBI Governor Shaktikanta Das even said that he does not see any serious discussion taking place in the country on this subject and also that when the Reserve Bank expresses serious concern on this subject after deliberation, it means that the matter is very complicated. .
image source, Reuters
business expectations
This is not the first warning from RBI. The RBI governor has openly expressed his concerns on this issue in the past, but when this warning came, it was at the same time that a meeting was held under the chairmanship of the Prime Minister. The Parliamentary Standing Committee had discussed this and people engaged in the cryptocurrency business by advertising in newspapers, running programs on TV and radio, and paying for the big conferences of the channels were constantly trying to create an atmosphere that this is a very good business and The government should allow it and make its rules accordingly.
Shaktikanta Das also said that Blockchain technology is ten years old and this technology can progress even without cryptocurrency. Reserve Bank Governor Shaktikanta Das also expressed the apprehension that this figure of cryptocurrencies with people in India is being exaggerated. Secondly, they also feel that seventy percent of the people who have bought cryptocurrency have not put more than three thousand rupees in it.
Obviously this statement of the governor was a sign of the times to come. If government people and many lawmakers are in a hurry to make laws on cryptocurrencies, then one of the reasons could be that they feel that this business is growing very fast and if it is without any rules and regulations. In the same way, if unbridledness continues to grow, then some difficulties may arise in the future. But now it is clear that the government is preparing to rein in the cryptocurrency business.
image source, BEATA ZAWRZEL/NURPHOTO VIA GETTY IMAGES
Difference between private and public cryptocurrencies
Now the question is what is the government going to do. He has made it clear that private cryptocurrencies will be banned but the first dilemma is on this matter. In the business of cryptocurrencies around the world, private and public cryptocurrencies are differentiated on the basis of how much privacy is available in them.
Here this business needs to be understood a little more. Cryptocurrency transactions are not like banks where your account details are recorded in the ledger or ledger of your own bank. This business is run on many different ledgers connected to each other on the Internet, in which blockchain technology works to coordinate with each other. As soon as a transaction is done in one account, it automatically goes to every ledger in the entire network and there its cross checking takes place i.e. the transaction is confirmed.
This means that there is no scope for any wrong entry, wrong accounting, or forgery. If any transaction of any ledger does not match with all the ledgers of the entire network, then it is automatically cancelled. This also means that if you can see one of these ledgers, you can see all the deals happening across the network. It can also be seen in whose wallet how many bitcoin or other cryptocurrency coins are going in or out.
What is bitcoin and how is it made?
Currencies like bitcoin, ethereum and litecoin work in the same way. You definitely get so much privacy that your name address is not visible there, only the name of your digital wallet will be visible, but if needed, the wire of inquiry can reach you. For this reason, the currency that does such work is called public cryptocurrency.
But then there are some such currencies which do not even keep all this information in front. There, not only the address of the wallet, but also the details of the transaction are kept hidden by using more complex codes. These are called private cryptocurrencies. These include names like Monero, Zcash and Dash, among many others.
But this definition will continue in international business. In India, public and private have the same meaning, government and non-government. Looks like the same thing will happen in this case. That is, the digital currency of the Reserve Bank is government, it will run and everything else is private i.e. they will not run. But after that it is also written in the essence of the bill that there will be some exceptions in the ban on private cryptocurrencies. Which will be these exceptions, that is, which currency will be exempted from the ban, this is the biggest question of this time.
Sources say that the government is going to give the authority to the Reserve Bank to decide which foreign cryptocurrencies will be allowed to run in India and which will not. That is, now the one whom the Reserve Bank has given permission to work is government and the one whom RBI has not given green signal will be considered as non-government.
According to sources, the decision of the Reserve Bank will play a big role in which technology is being used by cryptocurrencies and how beneficial that technology can prove to be for India.
image source, Reuters
What can withdraw money
Along with this, there are also indications that people who have invested in cryptocurrencies will get time to withdraw their money. Details of this can be found in the draft of the bill or later the government will issue a notification and tell by which date people will have to clear their account.
This will give great relief to many people that their money is not in danger of sudden drowning, but now until the law comes out and it is not clear which coin will be banned and which RBI will be kind, then till then the people associated with it will be at peace. It’s hard to meet.
Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.
You may like
-
Noida Jewar International Airport Bhoomi Pujan Today Live News Update Pm Modi Perform: Read All Updates And Developments – Jewar International Airport Bhoomi Pujan Live: Preparations intensified before the arrival of the Prime Minister, some people put under house arrest, some buses deployed
-
Uttar Pradesh Assembly Elections: Will the pairing of Akhilesh Yadav and Jayant Chaudhary be effective even after the return of the agriculture law?
-
Up Assembly Election 2022 Tomorrow Satta Ka Sangram In Etah Chai Par Chunavi Charcha Youth Ki Baat Aadhi Aabadi Ki Baat Live Debate Discussion With Amar Ujala questions will go
-
What is Aaron Rodgers’ injury? Packers QB clears up confusion about COVID toe
-
mukul sangma joins tmc with 12 mlas: what is anti defection law
-
Cartoons: What’s New in Cryptocurrencies?
Top News
Movie Review: Masala Full, Nayapan Gul… Aisi Hai John Abraham’s ‘Satyamev Jayate 2’
Published
15 mins agoon
November 25, 2021By
Press24 News
Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.
Top News
Extortion Case: Parambir Singh Reached Mumbai, Said I Have Come To Cooperate In The Investigation, I Have Full Faith In The Judiciary
Published
26 mins agoon
November 25, 2021By
Press24 NewsNews Desk, Press24 News, Mumbai
Published by: Sanjeev Kumar Jha
Updated Thu, 25 Nov 2021 11:20 AM IST
Summary
Former Mumbai Police Commissioner has reached Mumbai from Chandigarh on Thursday morning. After reaching he said that I have come here to cooperate in the investigation and I have full faith in the judiciary.
hear the news
hear the news
Told on Wednesday that they are in Chandigarh
Let us inform that after the pressure of the Supreme Court, former Mumbai Police Commissioner Parambir Singh had revealed on Wednesday that he is in Chandigarh and will be going to Mumbai soon. He had said that my life is in danger that’s why I am here. At the same time, on the question of surrender before the police and the court, he said that I have not yet decided about my next step. However, now he has reached Mumbai to cooperate in the investigation. IPS officer Param Bir Singh was seen in Telegram on Wednesday evening. However, he later deleted his account from the social messaging app. Singh has not reported for work since May this year following his transfer from the post of Mumbai Police Commissioner and allegations of corruption against then Maharashtra Home Minister Anil Deshmukh.
Supreme Court had stayed the arrest
The Supreme Court has asked Parambir Singh to cooperate in the investigation. For the time being, the court has stayed the arrest of Parambir Singh and directed him to cooperate during the investigation of the entire case. His lawyer in the court said that Parambir Singh is being implicated in the whole case. The same officers whom he has punished for corrupt practices have been made complainants today. So far, six cases have been registered against him.
Expansion
Told on Wednesday that they are in Chandigarh
Let us inform that after the pressure of the Supreme Court, former Mumbai Police Commissioner Parambir Singh had revealed on Wednesday that he is in Chandigarh and will be going to Mumbai soon. He had said that my life is in danger that’s why I am here. At the same time, on the question of surrender before the police and the court, he said that I have not yet decided about my next step. However, now he has reached Mumbai to cooperate in the investigation. IPS officer Param Bir Singh was seen in Telegram on Wednesday evening. However, he later deleted his account from the social messaging app. Singh has not reported for work since May this year following his transfer from the post of Mumbai Police Commissioner and allegations of corruption against then Maharashtra Home Minister Anil Deshmukh.
Supreme Court had stayed the arrest
The Supreme Court has asked Parambir Singh to cooperate in the investigation. For the time being, the court has stayed the arrest of Parambir Singh and directed him to cooperate during the investigation of the entire case. His lawyer in the court said that Parambir Singh is being implicated in the whole case. The same officers whom he has punished for corrupt practices have been made complainants today. So far, six cases have been registered against him.
Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.
Top News
Us Exercise Off Japan china threat: Sino-Russia tensions, US, Australia, Germany, Canada show of strength in Japan Sea – us begins exercise off japan with canadian german and australian navies amid tension with china russia
Published
50 mins agoon
November 25, 2021By
Press24 NewsIn view of the ongoing tension with China and Russia from the South China Sea to the Sea of Japan, the navies of America, Japan, Australia, Canada, Germany are conducting naval exercises. This exercise, which started last Sunday, will continue till November 30. This exercise organized by the Japanese Army has been named ANNUALEX 2021. This exercise is held every year and for the first time Germany is participating in it. This exercise is taking place at a time when China is continuously showing grandeur in this area and is flying fighter jets in collaboration with Russia.
During this, exercises include maritime interaction strategy, ability to destroy enemy submarines, aerial warfare skills, landing aircraft on each other’s warships, etc. Germany has announced that it will now continue to send its navy for exercises in the Indo-Pacific region. It will also strengthen defense ties with its partner countries in the region. Germany has sent its frigate FGS Bayern for this exercise.
At the same time, many cruisers and destroyer ships including the aircraft carrier USS Carl Vinson are participating from the US side. The US Navy will also conduct exercises with the Malaysian Navy with its warship USS Tulsa and P8 aircraft. Countries adjoining the South China Sea are troubled by China’s arrogance these days and they are expecting help from America and Japan. China is not only showing eyes to Southeast Asian countries, but is also eyeing the Japanese-occupied island.
Recently, China along with Russia had flown many fighter jets from near Japan. At the same time, tensions have already increased significantly regarding Taiwan. Some time ago, Japan had taught a good lesson to China engaged in implementing aggressive strategy of expansionism in Asia. A Chinese Navy submarine patrolling near Japanese waters was forced away by Japan. This submarine was sighted near the islands located in the southern part of Japan. After this, several warships and maritime patrol aircraft of the Japanese Navy have been deployed throughout the region.
There is a dispute between Japan and China over the islands
There is a dispute between China and Japan over islands located in the East China Sea. Both countries claim these uninhabited islands. They are known as Senkaku in Japan and Diaos in China. The administration of these islands has been in the hands of Japan since 1972. At the same time, China claims that these islands come under its jurisdiction and Japan should give up its claim. Not only this, the Communist Party of China has even threatened military action to capture it.
Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.
Trending
- Top News2 months ago
Mumbai Cruise Drugs Case: Aryan Khan, Nupur Sarika And Others, Check List Of 8 Persons Being Questioned By NCB
- Entertainment3 weeks ago
Akshay Kumar Sooryavanshi top in IMDb Rating leaving behind Salman Khan Antim read Most Anticipated Movies LIST | Akshay Kumar’s ‘Suryavanshi’ becomes number 1, surpassing Salman Khan’s ‘Antiam’, found first place in this list of IMDb – LIST
- Business2 months ago
Fighting rivals, Netflix changes plotline with Seinfeld and Stranger Things
- Entertainment3 weeks ago
Sooryavanshi Advance Booking Reports: AKshay Kumar and Rohit Shetty film to take a bumper start at box office | Sooryavanshi Advance Booking Report – From Mumbai, Bhopal to Chandigarh, Akshay Kumar’s film took off with a bang
- Top News1 month ago
Karwa Chauth 2021 Live Updates Moonrise Timings Today Live Karwa Chauth Chand Nikalne Ka Samay Aaj Chand Ka Time Delhi Panjab Himachal Pradesh Mumbai Up Noida Ghaziabad Meerut – Karwa Chauth 2021 Moonrise Time Live Updates: In which city will the moon of Karwa Chauth be visible today? learn everything
- Business2 months ago
Raheja Aranya City will have a thoughtfully planned temple for residents to dwell in spirituality
- Business1 month ago
RcritReviews announces RCrit 100 Author Awards
- Business1 month ago
Business News | Stock and Share Market News