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Bit Coin, these words probably know every one. But many people do not know that what is bitcoin actually? And for what purpose it was introduced? Bitcoin was originally introduced to remove the barrier of money transfer from one country to another. Today Bitcoin has made space like a big investment company.
Bitcoin has become a business, especially in the past 5 years.
Bitcoin is not legal in India, yet many people trade it. According to a report, till June 2017, 10 percent of the world’s total trading accounts were active in Indian accounts. Now the thing to understand is that bitcoin is not legal in India, even if it is 10%, then what will happen if bitcoin is legalized in India?
Although some people believe that investing in bitcoin is a good option before it is legalized or not? Many people have made significant contributions in supporting their favor in favor of legalizing bitcoin. We believe that if bitcoin is legalized, more than 10000 people will get support in one installment. Apart from this, in the beginning of the year, the Government will also start to know its views about bitcoin. So far there was no bitcoin regulatory body for bitcoin but after this, Government Digital Asset and Block chain Foundation of India Board would be created so that everyone could know about bitcoin.
As soon as bitcoin becomes legal, the government will have to make some rules.
To take tax on a rule bitcoin’s investment
The government will issue guidelines for investing in bitcoins. So that payments can be accepted in India through bitcoin.
Foreign Exchange Management Act will be imposed on sending or receiving of two bitcoins between two countries.
Bitcoin will come under the ambit of RBI Act 1934, which includes regulation and supervision rules in the banking sector.
Bitcoin’s bidding and sailing will grow all the time. It can also cost its price.
Many Bitcoin will put their claw in exchange market.
Just like credit card payment will be made from bitcoin. Meaning the government will have to make many such rules.
Accepting the government’s bitcoin
Shortly before, rbi had warned about the business risks associated with virtual currency. The RBI had issued a third warning on December 05, 2017 that it has not changed its stand against the legalization of bitcoin.
RBI Governor Raghuram Rajan was asked about taking a bitcoin, his answer was that I have no dough that we are heading towards cashless society, and we have some kind of money. The Reserve Bank can do this for us in some 10 -20 years.
If India leverages the bitcoin, then the cost of bitcoin will increase very much.
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Fanfare for Space by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/…)