The cryptocurrency bitcoin was registering a record rise till the weekend and its prices reached a new record of $ 61,000. But from Monday there is a declining trend in this currency. After midday trading on Monday, bitcoin prices have fallen by about 5.3 percent and came down to $ 55,865. After all, what happened was that prices fell by more than 5 percent in a single trading session.
Actually, regarding bitcoin, RBI had said that the central bank is considering bringing its currency. After this, different statements of the ministers of the government also came. Finance Minister Nirmala Sitharaman had said that we cannot stay behind in the race, so we cannot stop all its options.
Bain’s fears increase concern
At the same time, the ban of this currency is also being discussed in India for the last few months. At the same time, it was said to ban bitcoin in India, that the government can bring a new bill about it. In fact, due to different statements about bitcoin, an atmosphere of fear has started appearing in the investors about its security. A bulletin was also released in the Lok Sabha regarding this. In which it was stated that the objective of the Regulation of Official Digital Currency Bill 2021 is to create official digital currency in the country and ban all private cryptocurrencies. The underlying technology of cryptocurrency will also be promoted by this bill.
Why did the matter of prohibition
In the booklet released on January 25, RBI had said that the government is careful about cryptocurrency and the risk that comes with it. But at present, the option of currency digitization is being thought of. Cryptocurrency is a decentralized payment system. This means it is not regulated by any central bank like traditional currency. Because of this, it is a matter of concern for central banks like RBI. Like the RBI, the European Central Bank was also issued a warning against cryptocurrency.
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