FRIDAY, APRIL 26, 2024
Narvijay Yadav
The winter session of Parliament will begin today, November 29. In this, 26 Bills will be placed on the table including the Crypto Currency and Regulation of Official Currency Bill. The purpose of the Crypto Currency Bill is to pave the way for Indian Digital Currency to be issued by the Reserve Bank of India (RBI). The Central Government is gearing up to bring the country's own digital currency by banning all private crypto currencies. At present, there are about 6000 crypto currencies in circulation around the world. Their value has increased like a bubble, which is going to burst soon. In the future, only a few of these will last. Even when there is no law controlling crypto, people are getting greedy and investing money in crypto currency, hence this deal is not reliable. There are currently 15 private crypto currency exchanges in India, which are going to be dissolved. There are already over 100 million crypto buyers in the country.
Recently, full page advertisements of crypto currency had appeared in some of the big newspapers. The advertisement had a big photo of Bollywood star Ayushmann Khurrana, on which it was written in Roman letters – This is the future. The advertisement mentioned an app, through which one can join the crypto currency game even by investing Rs 100. Then it was written that it is safe, simple. The truth is that there is no security system in India to track crypto currency transactions. Nor is there any government regulation binding on such transactions.
According to blockchain analysis company Cipher Trace, the theft and fraud of crypto currency caused a loss of more than Rs 14,000 crores in the year 2020. If there is any loss in such transactions, then even the police or the court cannot help, as there are no rules and regulations for this at present. The responsibility of loss lies entirely with the investor. The servers of exchanges that trade crypto currencies in India are located outside India and no one knows which country's laws will apply to them. Even an organisation like SEBI cannot do anything in this matter.
Crypto currency is invested in the form of Bitcoin. This is a very fluctuating game. It is a matter of June 2021, when within 24 hours the value of a crypto currency named Titan had decreased from about Rs 4,500 to 15 paise. Never make the mistake of falling into the trap of advertisements. Their claims can be misleading.
Investors fear loss due to non-recognition of crypto currency in India, but economic offenders are taking advantage of this situation. For this reason, more than four lakh crypto accounts had to be blocked in the last few months. The country's three major crypto currency exchanges did so on suspicion of tax evasion, fraud and crimes. The Coinswitch Kuber exchange suspended 1.8 million accounts between April and September. Similar other accounts are still under suspicion. WazirX exchange has blocked about 15,000 accounts. Given the activeness of the government, there was a fall of up to 20% in Indian crypto currencies, which will go down further, there is a possibility.
