The Supreme Court has asked RBI to immediately stop buying and selling of Bitcoin.
The matter of terror funding has started to emerge in the country about Bitukwine. After the Supreme Court’s strict stance, the Indian government is also going to crack down on bitcoin.
The Supreme Court has asked the Reserve Bank of India (RBI) to immediately stop buying and selling bitcoin. Bitcoin is being used in the country for the last few years with open-air lanes.
The Ministry of Finance has agreed to legislate on bitcoin in India even on the lines of the US and Canada. The Government of India believes that bitquenine is promoting hawala business in the country.
The Ministry of Finance says that the United States and Canada have significantly controlled terrorist mobilization and hawala activities from crypto.
People are aware of currencies like rupees, dollar, euro, pound But, in the world this time a new currency is flowing and it is bitcoin.
To say, bitcoin is a virtual i.e. virtual currency. But, the price has increased four and a half million times in the last eight years.
Only 7 per cent increase in transactions through cards after the ban.
What is Bitcoin?
Bitcoin is a new kind of virtual currency. In 2008, a software developer named Shatoshi Nakamoto presented to the world. Through this Internet, the currency can be traded without any intermediary. There is no record anywhere.
Bitcoin is currently worth more than the currency of any country. In 2009, Bitcoin was 36 paise. The year 2013 came to Rs. 12 thousand rupees. In the last two years, its price has increased. The price of a bitcoin at today’s date is 1 lakh 60 thousand 449 rupees and 41 paise.
Virtual currency bitcoin business is growing rapidly in the world. However, the Indian government has not yet made any opinion about virtual currency. A finance ministry committee is currently preparing its report on this crypto currency.
But, after the Supreme Court’s latest decision, the government and RBI are going to reinvigorate the bitcoin.
Supreme Court gives 4 weeks to RBI
Since Bitcoin has no government control or government guarantee, a petition was sought in the Supreme Court seeking a ban on it. While hearing this, the Supreme Court has asked the Reserve Bank to decide on bitcoin within four weeks.
It is believed that the report of a committee created by the government can also come this month.
According to an estimate, there are more than 2.5 million bitquine circulations worldwide. This currency is used only in electronic mode. It is said that bitcoin is also being used for book booking, touring and buying diamond jewels from speculators, slaughter betel and ransom.
It is a digital currency that is in the form of a code. These complex codes are called miners. Bitcoin is traded through a block chain which is a network of bitcoin wallet holders.
The Supreme Court, hearing the petition of Vijay Pal and Siddharth Dalmiya on Friday, ruled this verdict.
The use of Bitcoin occurs in unlawful businesses
It is said in the petition that this currency is used against terrorism and infiltration. In addition, it is also used in arms and narcotics smuggling, recruitment of terrorists, bribery, corruption and money laundering.
The petitioner told the court that using such currency is theft, increase in black money, human trafficking and sexual abuse, hawala business, illegal investment and even online gambling. Because of this, there is a bad effect on Indian currency.
Last month, hundreds of computer companies from around the world including India-UK were hacked. This virtual currency was used as a ransom. Hackers had largely blocked the computers. In India, there was a demand for ransom from 19 thousand to 38 thousand rupees.
Bitcoin was used only as a ransom to free computers from hacking.
Recently in Patiala Police of Punjab, in a case of kidnapping, also revealed the gang demanding ransom in the form of Bitcoin.
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