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Bitcoin Achieves New High – Govt. Plans Closure Of Cryptocurrency Dealers In India

Bitcoin mining is a lucrative business which doesn’t require much in terms of investment.

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Cryptocurrency Closed Down In India

Cryptocurrency is the new buzzword doing rounds of the internet these days. But it is not a new term. The earliest instance of this form of currency dates back to 1998! But it was taken mainstream in 2009 when Satoshi Nakamoto developed Bitcoin. He described his creation as “A Peer-to-Peer Electronic Cash System”.

Now, ‘Cryptocurrency’ is a well-known term, thanks to the many ransomware attacks happening. Cryptocurrency is their favourite currency for receiving ransom. Anonymous and untraceable.

Bitcoin mining is a lucrative business which doesn’t require much in terms of investment.

Cryptocurrency In India

Cryptocurrency has been available in India for some time now. There are 3 Cryptocurrencies available to buy directly in India right now; Bitcoin, Ethereum & Litecoin. The awareness and usage is gradually increasing.

Globally, trading of virtual currencies has increased and is giving extraordinary returns. Currently in India, Bitcoin is trading around Rs 4.90 lakh compared to Rs 1.79 lakh just three months ago in August.

But the Government doesn’t seem to believe in cryptocurrency as a legitimate tender, which is why it is planning on closing down its dealers in India.

But Why?

The Government’s decision comes at a time when CME Group, a US-based derivatives marketplace operator is planning to offer bitcoin futures later in the year, resulting in Bitcoin gaining more currency.

Experts are saying that banning cryptocurrency dealers or exchanges would not put an end to its use in India. Bans have a tendency to create a black or underground market for the banned article.

Instead, they believe that Government should regulate it and ban the buying and selling of cryptocurrencies in cash.

If the government shuts down Indian dealers, people will simply move to buy from foreign exchanges.

To Conclude

Regulating, instead of banning, will help both, exchanges and buyers. Quite recently, the total value of all cryptocurrencies in existence now hit a record high of $184 billion, which is roughly equivalent to the combined value of Goldman Sachs and Morgan Stanley.

The main reason that has led to increasing volumes of cryptocurrencies is the high returns.

Cryptocurrency is going to be a big component of future economies. We hope that better sense prevails and all this talk of bans gets replaced by sensible regulations.

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