The advent of Cryptocurrency is a revolution in the domain of money. The popularity it gained and the issue raised about the legality and illegality of cryptocurrency are trending matters of discussion among people. In India, this digital currency was accepted; however, the plethora of confusion was the outcome. Thus, the government of India decided to make the regulation of digital currency, which is undoubtedly a very different and much-required step.
Right from the beginning, Cryptocurrency is eminent as a digital currency used in online transactions. They are completely distinct from the traditional currency, and the most remarkable thing is that no authority controls it. It led to making cryptocurrency attraction of many investors in India. As the usage of cryptocurrency increased, almost everyone witnessed the cons of using cryptocurrency simultaneously. Some of the issues that arise are a surge in corruption, misuse of money, money laundering and more.
To stop this, the governing bodies and other concerned authorities decided to ban and regulate the usage of cryptocurrency in India. The government has decided to impose severe punishment on the people who are still using cryptocurrency. According to the draft of "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019", the usage of cryptocurrency in India is illegal, and anyone caught using, holding, selling, dealing or Read More
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