The government of India will present a bill to the parliament that prohibits all cryptocurrencies, especially Bitcoin.
Bitcoin, an electronic currency that is not related to any central bank or official institution, is one of the most used cryptocurrencies worldwide.
Recently, there has been an upward movement in both Bitcoin and other crypto currencies. However, the Indian government is working to ban all cryptocurrencies, including Bitcoin, in the country.
The government plans to submit the bill envisioning a ban on cryptocurrencies to the lower house of the country’s parliament.
INDIA TO OPEN ITS OWN CRYPTOCURRENCY
Reserve Bank of India will launch its own cryptocurrency very soon. Therefore, the government wants to ban all other cryptocurrencies for further use of the local cryptocurrency.
India’s monetary policy regulator temporarily banned cryptocurrency transactions in 2018 after a series of fraudulent activities, but this ban was lifted by the Supreme Court of India following subsequent appeals.
In the same year, Indian Finance Minister Arun Jaitley said that the government did not look favorably on cryptocurrencies.
Wondering about cryptocurrencies and their security
Crypto money, which has been on the agenda of giant economies and companies with its huge increase especially in 2017, despite its introduction to the economy markets 9 years ago, is one of the new systems brought by technology.
Crypto money, which is a digital and virtual currency, is a currency that is operated in an organic structure, not managed by a central system or authority, and operates with an encryption mechanism. Although it attracts the attention of big investors, the security problem with cryptocurrencies is one of the question marks in mind.
Are Crypto Coins Safe?
Since crypto coins are not managed through a central system, it can be said that they are reliable in terms of preventing malicious transactions such as manipulation. In the first place, these currencies, whose security infrastructure was not very strong, closed the security gaps with the development of technology. However, some problems and security problems may occur in this system.
Those who have this currency need to check the database and electronic device they use while making transactions and make sure that they are reliable. If you are trading with crypto money on your personal computer, you should transfer it to your virtual wallet without losing time. Otherwise, your money may be lost if your computer crashes.
Hacking is one of the biggest dangers faced by people who own this money. Cyber attacks can occur on cryptocurrencies owned by large companies with a transaction volume of billion dollars. Anonymous trading is one of the risks. In case your crypto money is stolen, it is almost impossible to find the identity of the person who made the transaction. In addition, anonymous transactions can cause money transfers in money laundering and illegal transactions.
Is Blockchain the Foundation of Security?
This software, which is the encryption mechanism of cryptocurrencies and keeps the transactions made through the database with special codes, prevents your money from being seized by foreigners. Since each of these codes is determined by a special system, it is very difficult to crack passwords or enter accounts.
Despite having a large economic volume, cryptocurrencies, which can still be considered in their early stages, are expected to be used in more countries and via cash machines in the near future. Studies are continuing especially in the USA to strengthen the security of the system.
Bitcoin can be used by any central bank, government agency, etc. It is an electronic currency that is not associated with. It can be divided into units up to the 100-millionth digit after the comma. It is also the most used currency on the Deep Web.