A Bitcoin – King of Cryptocurrency with the uncertainty of going ban around the world by their central banks and Many Country not recognized bitcoin-like cryptocurrency as a legal tender. Mixed Reaction comes from the government and the central bankers around the world. No one can control and authorized cryptocurrency by bankers. Anyone can misuse the online currency .
Mr. Arun Jaitley is an Indian politician who holds the current position as finance minister and minister of Corporate Affairs under PM Narendra Modi. He said India’s commitment to ending the use of digital currency in its continuing fight against money laundering and funding of terrorism. No Government and Banking Regularities regulate digital cryptocurrencies. Anyone with the wrong minded will used the same for doing bad work. So We do not recognize bitcoin as legal tender or coin and will take all measures to eliminate the use of cryptocurrency .
Jaitley Said: Indian Government Interested in the potential of blockchain technology not on cryptocurrency. Blockchain is decentralized ledgers that record transactions and other data across the network within the centralized server. The government will explore the use of blockchain technology proactively for ushering in the digital economy.
Even the Tax Department is considering a move to ban the currency. Fear that a new underground currency replaces the black money hole and undermine economic legitimacy to the state. Currently, Many Bitcoin Exchanges Accounts Freeze across the country and Many banks ban credit and debit cards to purchase a cryptocurrency. Need Full KYC of customers who dealing in bitcoin .
Due to daily fluctuation in bitcoin with no regulatory body. Price of online currency bitcoin going sometime up to $16000 US Dollar and Surge drop to $6000 dollar. Price daily change someone will grow up and become a billionaire and someone go down with lose their lifetime income. Regulators are unsettled with virtual currency space due to severe swing and upward in price. Many People are working with dubious activities with it. As virtual currency not backed by government, authorities fear they may be used as illegal activities like money laundering .
The government had started a crackdown on cryptocurrencies a few months ago, suspecting tax evasion and of Ponzi schemes through cryptocurrencies. The income tax department had sent tax notices to tens of thousands of people dealing in cryptocurrency. The notices were sent after a survey assessed the penetration and patterns of virtual currency trade.
Where it Call with what name or Schemes ?
United States: Privacy Worry – The United States are the highest number of virtual currencies user with the highest rate of trading volume globally. Technical issues and regulatory issue with the cryptocurrency no central bank regulate the virtual currency is a high risk of privacy. While the World Biggest economy has no policy towards the regulation of Bitcoin.
China: Cracking Down – In late 2013, China’s Central Bank (the People’s Bank of China) barred financial institutions from partaking in digital currency and Bitcoin transactions, but individuals are free to trade as they wish – Chinese yuan to Bitcoin is the most traded daily fiat to Bitcoin pair.
The central bank has full control over cryptocurrencies. With a research team set up in 2014 to develop digital fiat money, the People’s Bank of China believes “conditions are ripe” for it to embrace the technology. China says going digital could help improve payment efficiency and allow more accurate control of currencies.
Russia: Pyramid Schemes – Russia’s central bank has expressed concern over potential risks from digital currencies, with Governor Elvira Nabiullina saying “we don’t legalize pyramid schemes” and “we are totally opposed to private money, no matter if it is in physical or virtual form.” But Russian Government not ban the virtual money .