I will tell about it to my friends and anybody that could be interested in this. Awesome information. Thank you for sharing. Many countries taking bitcoin trading seriously and giving permission for the same. India should look this situation positively, because world now started accepting this… only the matter is that we have to choose any reliable trading platform for the same.
Hit enter to search or ESC to close. Cryptocurrency Regulations In India. Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Effectively illegal — regulations being considered Cryptocurrencies are not legal tender in India.
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India will reportedly introduce bill to make owning cryptocurrency illegal
Filed under: Policy Tech Cryptocurrency. India will reportedly introduce bill to make owning cryptocurrency illegal New, 67 comments. Share this story Share this on Facebook Share this on Twitter Share All sharing options Share All sharing options for: India will reportedly introduce bill to make owning cryptocurrency illegal. Linkedin Reddit Pocket Flipboard Email. It began use in when Satoshi released it as an open-source software. For the uninitiated, Bitcoin is a decentralized digital currency without an administrator like a central bank looking after it.
Users can exchange it with each other on the peer-to-peer bitcoin network without the need for intermediaries. All of these transactions are noted in a publically distributed ledger, called a blockchain.
Paytm payment gateway registers over 750 mn monthly transactions
A blockchain is maintained by people using special computers and as a reward, they are able to get a certain amount of bitcoin, depending on the frequency and transactions. This process is also known as bitcoin mining, and such people are called miners. As there is no way to trace Bitcoin transactions, it has been criticized various times as it is being used for illegal transactions, price volatility and thefts from exchanges. Apart from this, there is also the fact that miners have been using up a large amount of electricity to mine the cryptocurrency. Cryptocurrency or crypto is an unregulated form of payment, which people can exchange for goods and services, just like any usual currency.
However, they are not widely accepted, with the exception of bitcoin.
Is it safe to invest in cryptocurrency from India?
On the other hand, you can use cryptocurrency exchanges, to sell them to willing people in exchange for tangible money. Cryptocurrencies are untraceable as it utilises a blockchain ledger, which manages and records transactions across many computers, thus not allowing any single authority to have access to all the transactions.
- India will reportedly introduce bill to make owning cryptocurrency illegal - The Verge.
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And even if somebody was to get a hold of all the transactions there are multiple keys to all encrypted transactions, finding which is twice as hard. Thus helping with the security aspect of the technology.
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As of now, over 6, cryptocurrencies are trading globally, according to CoinMarketCap. And daily we get to see new cryptocurrencies being launched with initial coin offerings ICOs.
Multiple factions of people like Bitcoin, but all for different reasons. Some see cryptocurrencies as the future, some like the technology behind cryptocurrencies, whereas some of the people use it as an investment, among various others. You can currently purchase and sell Bitcoin along with multiple other cryptocurrencies via platforms like Unocoin, Coinbase, eToro and more.
There was a momentary ban implemented on trading cryptocurrencies in India by the Reserve Bank of India, however, it was later reversed on the order of the Supreme Court on March There are speculations, that the government might be looking at a permanent ban soon. This new bill will be proposed in the current parliament session. However, there is no guarantee as to if the bill will pass to become a law or not.