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Recently, a report pertaining to cryptocurrency news The indian subcontinent took the nation by storm. The report says that the Indian government has a huge concern over the impact of cryptocurrency on the stability of its fiat currency, Crypto bitcoin news best bitcoin news
the rupee. Moreover, the costa rica government had earlier issued the position of drafting the nation's digital asset ecosystem rules to a panel which has recently expressed its apprehension the ill-effects of virtual currencies on the rupee's stability.
It is assumed that the report released by the Bank for International Settlements (BIS) last Walk triggered a feel for of fear in the committee members as the Reserve Bank of The indian subcontinent (RBI) is an active member of the BIS. The report says, "Virtual currencies will be utilized one day by policymakers for making payments across financial institutions. At the same time, they might destabilize the traditional banking system if offered widely to the public. inch On the contrary, the global crypto ecosystem believes that such risks are least likely to emerge in the nearest term.
Earlier, the Indian government was more concerned about the potential risks of cryptocurrency such as money laundering, terrorist funding, and other bogus activities. Now, the focus has shifted to the ongoing availability of the monopoly of rupee how the nation's government has offered as the potential reason for banning cryptocurrencies.
Talking about the aspects of the stakeholders in the country, such kind of fear is premature. Among the prominent personalities, Jaideep Reddy and Vaibhav Parikh of the lawyers, Nishith Desai Associates think that the costa rica government should emphasize the enactment of crypto regulations instead of banning the use of cryptocurrencies. Rahul Raj, the founder of Koinex said, "At this point, it may be a bit premature to worry about this as right now even globally only a handful of payments are made using virtual currencies and that will be the case till blockchain reaches the scale that say Mastercard or Visa have. inch "Therefore, there is (a) time before that concern even appears. inch He further added, "You can't buy goods and services in The indian subcontinent using any other currency such as the dollar, pound or even gold and it needs to be turned first into rupee to complete payments, a pose that can also be acquired for cryptocurrencies. inch
There had been a time in the past when both the RBI and the Garg Panel had been considering to launch their own cryptocurrencies. However, later the costa rica government expressed its discomfort with virtual currencies. It also made its pose vivid on several occasions saying that it does not recognize the virtual currencies as legal tender and is unlikely to change its mind soon. In 2018, the RBI banned banks from assisting services to the cryptocurrency transactions. Now, by suggesting Bitcoin as the possible entity that can harm the monopoly of the rupee, the costa rica government of The indian subcontinent has initiated a new chapter of war against Bitcoin.
In December 2018, the aggrieved crypto community of The indian subcontinent decided to move the court. In this court battle, the finance ministry of The indian subcontinent had informed that the Garg panel was supposed to submit a draft report on crypto ecosystem to its members. The output of the report was scheduled to be heard in Economy is shown 2019 which later got deferred.
