India Might Go Easy on the Bitcoin As They Are Thinking to Form a New Panel for Crypto Regulation!
Bitcoin is a cryptocurrency operating on a peer-to-peer network of nodes, the primary computing capital having a copy of the blockchain. Bitcoin was invented in the year 2008 and officially unconfirmed in the year 2009 for 0.2 dollars, yes you read it right, and no one at that time believed that bitcoin would go this high. Bitcoin is allegedly equipped with perks like decentralization, anonymity, and many more; however, few higher authorities do not consider these features as a perk.
Bitcoin is highly volatile in nature which has been underlined as extremely vulnerable by a renowned economist. Bitcoin is not suitable for retail investors and has no place in the portfolio, said an economist. Despite the return of investment rendered by the cryptocurrency king, bitcoin is not considered a speculative asset. The Reserve bank of India previously drafted a bill regarding the crypto regulation, and the bill included halting every progression associated with the bitcoin complex, such as bitcoin mining, trading, and holding bitcoin as an asset.
However, the trading volume of bitcoin is consistently rising in India; banning the cryptocurrency might not be a good idea at the instance as the higher authorities might confront a crowd resistance. They are considering the trading volume of bitcoin and other cryptocurrency in India. There are forums like https://bitcoinboom.app/ which can assist you in getting some productive information regarding bitcoin.
The higher authorities have decided to form a new panel for the crypto regulation rules. Below mentioned is everything you need to know about the crypto regulation rule, so let’s jump straight to the facts.
The Hottest Panel to Be Formed!
According to the sources, the crypto regulation panel formed previously was utterly concentrating on banning and cracking down every progression related to bitcoin. However, conferring the crypto watchers, the nation is planning to include the latest crypto panel to regulate cryptocurrencies. The fact might amaze you that the newly formed committee will not just focus on the potential of bitcoin and other cryptocurrencies but correspondingly the application of blockchain technology rendered by the super visional cryptocurrency such as bitcoin and ethereum.
Ethereum is claimed to have the utmost advanced blockchain technology, which has the potential to revolutionize every industry out there. Moreover, the nation is about to launch a centralized digital currency of India. The money was about to be found at the very first instance of this year; however, due to a few technical issues and complications, the plan was suspended. However, the framework is still being built.
The amount of funds invested by the crypto enthusiast in India is more than 1 billion dollars. Yes, you read it right. The financial authorities are constantly supervising the illicit activities associated with the cryptocurrency complex; all the more, any risk associated with the crypto complex is not the responsibility of these higher authorities. The fierce broadcast of forming a new flanged panel has eased down ample investors and mainstream players of the crypto marketplace.
The Current Drafted Bill!
The national bank of India, the reserve bank, has passed a bill regarding the regulation of cryptocurrencies. The bill includes halting activities like mining, trading, and holding bitcoin as a speculative asset. The current status of the account correspondingly includes criminalizing these activities; however the jail terms are not cleared yet. According to the bill, the participants of the bitcoin network will be rendered a time span of 6 months in order to prohibit activities. The drafted bill was not passed by the cabinet yet, as it was about to be tabled in the parliament budget session recently; however, due to few unrevealed reasons, the bill was represented. In a nutshell, the bill was deferred by the higher authorities. However, the bill might get described in the forthcoming budget session of the parliament.
Reserve bank on Bitcoin 2018!
The fact might amaze you that RBI has taken some crucial steps on the cryptocurrency king, bitcoin, back in 2018. The national bank banned any financial institution accepting bitcoin as a payment method. The prominent reason behind the fact is the extreme extent of volatility. Regardless, the ban was lifted by the supreme court of India due to a filed petition by the mainstream market participants alongside the crypto watchers.
These are some of the facts regarding the new panel for crypto regulation in India.