If the crypto currency is not recognized in the budget, it will be lost


- Reserve Bank Governor Says Crypto Currency Is Gambling

- Occasional

- On the other hand, both the government and the Reserve Bank of India have different views on cryptocurrencies...

The future of the crypto currency market in India is uncertain. It is believed that the government will clarify in the budget. But on the other hand, both the government and the Reserve Bank of India have different views on cryptocurrency. Due to which people associated with crypto currency are feeling restless. The government wants to ban cryptocurrencies but the government also wants to know its global repercussions. Cryptocurrencies are working in many countries in the world but in India two views prevailed for it since its inception. Finance Minister Nirmala Sitharaman was reluctant to recognize cryptocurrencies from the beginning and was publicly opposed to them.

One relief for investors in India was that Finance Minister Nirmala Sitharaman took a tough stance against crypto from the start. Had the government itself been indecisive, many investors would have lost their names. Even so, cryptocurrencies have become the number two money transfer platform since its inception.

Reserve Bank Governor Shaktikanta Das says that cryptocurrencies are gambling and should be banned, while Union Minister of State Rajiv Chandra Shekhar says that there should be no problem with cryptocurrencies as long as they work within the rules.

The caller on the phone coming to trade for crypto currency says that our agency is trustworthy and if you invest as per our advice, you will get immediate return.

The cryptocurrency market has been in turmoil ever since FTX broke and there were signs that Binance filed for bankruptcy. Investors started to stay away from it. Every cryptocurrency platform is viewed with suspicion by both investors and governments.

Although crypto currency is not recognized in India, people are getting involved and new exchanges are also opening. It is surprising to see that people are interested in crypto, even though they have no legal protection if their money is trapped or defrauded.

Recently, the Japanese government has formulated laws and regulations for cryptocurrencies. There are reports that Japan is preparing to lift the ban on foreigners. Blockchain technology can be useful in transforming the banking sector. Research is going on to use the blockchain technology along with other technologies in the industry as well.

From the way FTX happened last year, it can be said that there is a need for controls on cryptocurrencies. If that happens, people's trust can be won. As restrictions come, its market will expand and people will trade.

Cryptocurrency is not a platform for middle class investors but it has become an investment platform for people who are mostly involved in number two business. Thus it is a platform for 20 percent of the people of the country and if it is brought under the direct watch of the government, the government will be able to see all the transactions.

Cryptocurrencies have to be recognized if they are to keep pace with global markets, but the finance minister has been keeping the door closed since the beginning. Ever since crypto trading started in India, it has been associated with scams. Many people began to guarantee him a huge return. As the global crypto market began to ride the bullish winds, investors in India began to see higher returns. But the government remained firm in its decision and was not at all ready to recognize it. Both the Finance Minister and the Reserve Bank Chairman were not ready to join hands with crypto. When FTX broke, the Reserve Bank said that we already had no confidence in the currency.

If the government does not take any decision to support crypto currency in the budget of 1st February, the interest of Indian investors in crypto will decrease. Thus, crypto will become an eternal Keshavam.

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