cryptocurrency bill in parliament: Crypto On Blockchain: Government of India likes blockchain but not crypto currency
Crypto Bill: Due to the possibility of legislation in the Lok Sabha on crypto currency in India, there has been a stir in the market of crypto currency like bitcoin. Such bloodshed has never been seen in the market with the knowledge of a law coming into the Parliament.
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Policy makers in India want to ban all private virtual currencies or promote blockchain technology with some exceptions, it can be known even after the introduction of the bill. The cryptocurrency market is currently trying to find stability, but some fundamental questions have arisen in front of it.
Despite differences, agree on technology
The Government of India and the Reserve Bank of India may have differences of opinion on the issue of cryptocurrency, but both want to adopt blockchain technology. Blockchain technology is behind the mining of cryptocurrency. Due to this many problems can also arise.
Private and Public Blockchain
The biggest question is whether blockchain technology can survive without crypto assets. We know it can happen, but that would be a private blockchain, not a public blockchain. If we talk in technical language, then there is a difference between the two like intranet and internet. Blockchain’s private technology can be controlled by an individual or group whereas in public blockchain anyone can join, but no one can sabotage it.
Why is crypto asset important?
The question is also why do we need crypto assets for public blockchain technology? With this, users can be incentivized from them. How will this work? If we don’t have a public blockchain, is there any harm in it? The future of crypto currency depends on how these questions are answered, otherwise crypto currency can cause destruction for the country.
What do people understand about crypto?
The common meaning of crypto currency at this time is a new financial bet that has no guarantees. It’s really a game of punter where you can make money or loot crores in one night. The notion of cryptocurrencies is actually making trading exchanges. The crypto exchanges operating in the country are only focusing on increasing their volumes and making ludicrous promises to lure investors.
The government in India has now moved to a central bank digital currency after preferring blockchain. RBI is in talks about this, but till now it has not launched it. The Reserve Bank is in no hurry to launch a digital currency to compete with the crypto currency. It is expected that the velocity of money may increase after the introduction of digital currency of the Central Bank.
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What will be the difference between Bitcoin and RBI’s digital currency CBDC?
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