Author - Advocate Nitin Jain
The advent of cryptocurrency is a revolution in the domain of money. The popularity it gained and the issue that was raised about the legality and illegality of cryptocurrency is a trending matter of discussion among lawmakers, economists and general people. In India, this digital currency has also sparked a lot of debates and there is a plethora of confusion regarding the same.
The usage of cryptocurrency also increased frauds, misuse of money, money laundering etc. related to cryptocurrencies have also been witnessed. The decision of banning the usage of cryptocurrency is not sudden, as we have seen in RBI notifications and budgetary stance of the government, that have been given from time to time. Like India, various other countries have also decided to regulate the usage of virtual currencies. The recent Inter-Ministerial report and the draft bill has made it clear that India’s position on unregulated virtual currencies as complete bans are recommended for these.
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