Hi steemians! How are you today? I hope you are glad. Today i want to share about India Prohibits Cryptocurrency?
One of the effects of the disruption of the industrial revolution 4.0 is the rapid and massive growth of cryptocurrency. Already many virtual currencies are released and traded in the world. The people's response was very enthusiastic so that new virtual currencies continued to emerge. For those who do not understand the effect of cryptocurrency, it is certainly a serious threat. Likewise with a country. Even though cryptocurreny can open employment for millennial people.
For millennial society, struggling in the world of blockchain to produce cryptocurrency is a common thing. Lots of blockchain-based media that generate cryptocurrency popping up. We know steemit, weku, and several other blockchain-based media. Not even a few who invest in cryptocurrency. Bitcoin is the first cryptocurrency released.
When the development of cryptocurrency was so massive, India also banned cryptocurreny. Driving investigation carried out raises concerns of the Indian government that cryptocurrency is being adopted for criminal activities such as money laundering. The ban received support from several government agencies, including the Income Tax Department and Indirect Customs and Excise Tax (CBIC) Council. On the other hand officials at the Reserve Bank of India (RBI) have rejected all the results of the investigation. According to CoinDesk report.
CEO of various crypto-based currencies in India, Visha Gupta firmly rejected the planned ban. Gupta believes that the ban is too early to be implemented. He added that part of the bill that had been discussed so much referred to illegal activities using cryptocurrency. This is tantamount to saying that using rupees for illegal activities is illegal.
As is known that cryptocurrency like Bitcoin has become a controversial discovery. This discovery does not only come with a large carbon footprint that can burn the remaining carbon stocks in decades. Some astronomers even expressed concern that it could hurt our search for alien life. Governments around the world may be forced to ban Bitcoin because of its capacity to store prohibited content but if the bill is to continue, India will not be the first to try and institutionalize the ban on its will own. Egypt imposed a cryptocurrency ban in 2018. But the ban was lifted last month. Other countries including China, Russia, Vietnam, Bolivia, Colombia and Ecuador have imposed their own restrictions a little more, reports Investopedia.
The last few days the price of Bitcoin is getting better so that cryptocurrency analysts are optimistic. Now it trades below $ 8,000 even though it is well below the peak of $ 20,000 that was almost reached in 2017. But experts expect this value to rise, because well-known brands such as AT & T, Starbucks, and Wholefoods have begun to receive crypto currency payments.
Strangely in India, laws emerged that limited the use of crypto currencies which suggested the introduction of the national crypto currency, "Digital Rupees". Isn't the currency "Digital Rupee" including cryptocurrency too? Why is it prohibited? Hopefully Indonesia does not prohibit cryptocurrency.