On 1st February, we sat in front of our screens anxiously waiting for the budget. As the crypto and cryptocurrencies topic got initiated, we were glued to our screens. Full of excitement, confusion, and celebration. In all the chaos, one question cropped up: What’s happened right now?!
Well, get into the wagon, as today we are going to explore Indian cryptocurrency rules. The difference between virtual currency and digital currency? Will this move create new opportunities or demotivate the current ones?
Before we move ahead with the topic, it is necessary to understand the concept.
Investopedia states that-
Cryptocurrencies are a digital or virtual currency that is secured by cryptography. Which makes it nearly impossible to counterfeit or double-spend. They enable secure online payments without the use of third-party intermediaries.
Blockchain plays a pivotal role in cryptocurrency. You might wonder what a blockchain is, right? Well, here is a snippet from our other blog –
Blockchain is a decentralized distributed digital ledger that comprises records called blocks. Here, the uploaded data is difficult to alter without affecting connected blocks. Thus, it reduces replication and establishes a single data transfer.
You may wonder that,
As data cannot change, and transactions are secure. Then why does technology take so long to be accepted since its birth? Well, RBI helps you to understand this point.
Further, they elaborated on these topics with the below points:
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The Indian government and the reserve bank understood the rising popularity of the crypto trade. Budget 2022 had two crucial points regarding virtual currencies.
The Indian government intends to introduce a digital currency called Digital Rupee. It is a central bank digital currency that will be introduced in this financial year. We have covered this topic. To know more, click on the highlighted word and jump to the section below.
This move has created a series of questions in the minds of Indian citizens like:
and the most important question,
There are contrasting views on this question in the market. For instance, these were positive views:
The biggest takeaway is that now, as an investor, I will no longer go to jail as a crypto holder.
– Edul Patel, CEO of Mudrex
Crypto just became legal in India.
– Tweet by Binance
And while several officials asked the public to be cautious.
Now, take a pause and read that line again.
The Finance minister stated that the government is collecting inputs on regulation. Also, they would not wait till implementing regulation for taxing the people who enjoy profits earned from this activity.
And finally, there are other things to consider also:
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