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Is India going to ban Bitcoin? Here is story so far - Technology News
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US Elections World News. ET Evoke. Elections Lok Sabha. Assembly Elections. Powered by. Deepshikha Sikarwar. Font Size Abc Small. Abc Medium. Abc Large. Getty Images. The spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above. The note will be sent to the cabinet after consultations and, subsequently, to Parliament. If it is along similar lines as an earlier proposal the law will deal a blow to investors, exchanges and other entities dealing in virtual currencies such as bitcoin , experts said.
A high-level government panel, in July , prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.
Income tax on Bitcoin & its legality in India
Mariyappan Veluswamy days ago. Banning crypto in India is equal to killing the blockchain technologies innovation which will lead lot of opportunities miss in India and given to other Asian countries.
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Virtual currency is the term that the IRS uses for cryptocurrency. Bitcoin exists in a deregulated marketplace, so there is no centralized issuing authority. That initially raised concerns about the use of bitcoins for illegal activity. In its early years, the perceived anonymity of Bitcoin led to many illegal uses.
Drug traffickers were known to use it, with the best-known example being the Silk Road market. It was a section of the so-called dark web where users could buy illicit drugs. All transactions on the Silk Road used bitcoins. It was eventually shut down by the FBI in October However, Bitcoin has several serious flaws for those seeking anonymity.
HIGHLIGHTS
In particular, Bitcoin creates a permanent public record of all transactions. Once an individual is linked to an address, that person can be connected to other transactions using that address. Competing cryptocurrencies, such as Monero and Zcash , now provide much better privacy protection. Given this situation, illegal activity is moving away from Bitcoin.
The digital currency known as Bitcoin was created in by a person or organization using the alias Satoshi Nakamoto. The real identity of Satoshi Nakamoto has never been established.
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There are no physical bitcoins that correspond with dollar bills and euro notes. They exist only on the Internet, usually in digital wallets. Ledgers known as blockchains are used to keep track of the existence of bitcoin. It can be given directly to or received from anyone who has a bitcoin address via peer-to-peer transactions. Bitcoin also trades on various exchanges around the world, which is how its price is established.
Bitcoin can be transferred from one country to another without limitation.
New law will deal a blow to investors, exchanges and other entities dealing in virtual currencies.
However, the exchange rate against government-backed currencies can be very volatile. That is partly because speculation often drives the price, but also because bitcoins have a relatively small market compared to traditional currencies. Internal Revenue Service. Your Privacy Rights.
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