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RBI is bringing digital currency, but government is preparing to ban

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New Delhi. On the one hand, with the help of law, the government is talking about a ban on private digital currency. On the other hand, keeping in mind the global acceptance of cryptocurrency, the Reserve Bank is advocating digital currency. The status quo on cryptocurrency is not clear, leading to skepticism among investors. About 10 thousand crores have been invested in digital currency in the country. RBI is working on the technical aspect of digital currency and other processes. At the same time, with the help of Cryptocurrency and Regulation of Official Digital Currency Bill, the government will ban private cryptocurrency in the country.

Final draft not yet ready-
Currently different aspects of the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 are being seriously discussed with different stakeholders. The final draft of this bill has not yet reached the cabinet. The government and the Reserve Bank clearly believe that private digital currency will have a worse impact on the financial system of the country and the effect will be much less.

Current investors doubt
At present, private cryptocurrency investors remain skeptical about what will happen to them. Current investors may find time to get out of this. It is believed that investors can get 3-6 months to monetize the investment. A deadline will be announced, followed by a complete ban on private digital currency. Neither it can be traded nor can be mined.

Have to provide cryptocurrency information-
According to the new company rules, now corporate companies will also have to share information about cryptocurrency. If a company has made a profit or has incurred losses by investing in cryptocurrency, if it has cryptocurrency. If a third has taken advance to invest in cryptocurrency, then it will have to give full information to the Registrar of Companies in its filing.

80 percent of the world’s banks are doing work –
There was a report recently about how central banks around the world are thinking about cryptocurrency. A survey was conducted by the Bank for International Settlement, in which central banks from 66 countries participated. 80% of these banks had said that they are working towards their digital currency. These banks are studying the advantages and disadvantages of digital currency. The People’s Bank of China has set up a Digital Currency Research Institute. Work continues on Digital Yuan’s pilot project in China.

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