Cryptocurrency is a virtual currency that can neither be seen nor touched like a common currency. Its transaction is completely online, and there is neither any bank nor an ATM for this. Its prevalence is increasing very fast all over the world. But because of the Online Fraud Case In India, cryptocurrency has not been introduced in the market. Many controversies are going on in India regarding this. Concerns have been raised over the cryptocurrency as it is suspected of being used to lure investors with misleading claims and fund terror. There is news that Prime Minister Narendra Modi can take a positive decision on cryptocurrency. He will take the decision in the winter session of Parliament starting from November 29.
Apart from India, cryptocurrency is running in many countries. It was started in 2009, then it was known as bitcoin. Japanese engineer Satoshi Nakamoto designed it. It is very convenient for international transactions. Because there is no need to convert any money from one country to another in that country’s currency. It takes less than ten minutes to transfer money from one bank account to another, even if that bank account is in any country. Apart from India, this currency is also being used for online shopping in many countries. Just as the use of cryptocurrency is increasing rapidly worldwide, similarly, fraud cases with this currency are also increasing manifold.
Cryptocurrency In India
Because of this fraud case, it has not yet been authorized in India. Despite this, lakhs of people in India are becoming poor by getting trapped in the illusion of this currency. Till now, there have been many such cases where the fraud case is related to cryptocurrency. In the case of fraud, it has also come to the fore that Indian currency is being converted into cryptocurrency and sent to China and Thailand. After this, it is being used by converting it into the currency of the countries there. However, there is neither any specific regulation regarding cryptocurrency in India nor is it banned. According to sources, both the government and the RBI are concerned about cryptocurrency.
On the one hand, while there are many benefits of cryptocurrency, on the other hand, fraud cases can cause the loss of millions of crores at a time. Do many people say that when investment in cryptocurrencies is increasing every day, then surely it must be decided that what is its value? The government will also fear that the value of their own country’s currency will end due to the introduction of cryptocurrencies. Many central banks also believe that decentralized currency will kill their business. Therefore, maybe the Reserve Bank of India does not consider cryptocurrency in India as good.
But the demand for Digital Currency is increasing very fast in the field of the digital world. People have got used to it, and in the future, the paper currency will be replaced by cryptocurrency. Therefore, there is a need to make rules for their regulation, protecting investors from loss. Along with this, cases of online fraud should also be avoided.