Rules for cryptocurrency: What should india do?
The central government is now preparing to take strict measures against illegal cryptocurrency transactions. The government has instructed the investigating agencies to conduct a forensic investigation of suspicious crypto transactions. Meaning, such transactions will be investigated in depth, so that it can be ascertained whether any illegal work is being done in it.
The government has also said that if anything wrong is found in the investigation, then that information should be immediately shared with the concerned agencies. So that such cases can be stopped and action can be taken against the culprits. The government wants that cryptocurrency should be used within the legal framework and it should not be misused.
Home Ministry data shows that there has been a huge increase in cases of investigation related to crypto between 2020 and 2024. In 2020, only 11 cases came for investigation, while in 2024 this number has increased to 291. By 2023, people have been defrauded of $ 5.6 billion in crypto-related crimes.
Meanwhile, the new US government has embraced cryptocurrency. With Donald Trump's re-election, bitcoin has crossed $100,000. Countries like vietnam are quickly making laws to control crypto and the european union is also making rules for the world. But india is still considering it. Now the question is, when other countries are deciding the future of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money, should india also adopt new methods and make new rules?
What is cryptocurrency?
Cryptocurrency, also known as crypto-currency or crypto, is a kind of digital or virtual money. Banks are not required for its transactions. It is a peer-to-peer system, meaning anyone can send and receive money to anyone anywhere.
It does not come in hand like real notes, but appears as a wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital entry in an online database. When we send cryptocurrency to someone, the record of the transaction is recorded in a public account and this money is kept in a wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital wallet.
Cryptocurrency is named so because it uses encryption to verify transactions. Encryption means advanced coding. This is how cryptocurrency data is stored and transferred between wallets and public accounts. Its purpose is security and protection. The first cryptocurrency was Bitcoin, which came in 2009 and is still the most popular today. Most people are interested in cryptocurrency to make profits. Sometimes speculators push the prices sky high.
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