New Delhi: The Supreme Court has given a big decision regarding crypto currency. The Supreme Court has decided to remove the RBI ban that was imposed by the RBI on financial services related to trading in crypto currency in the year 2018. After the RBI ban on crypto currency, a public interest litigation was filed in the Supreme Court by the Internet and Mobile Association of India, on which the Supreme Court has given a big decision.
First of all know what is crypto currency?
Just like you have a rupee note in your hand and the Reserve Bank of India gives you this note. You as the holder are the owner of that note whether the note is worth ₹ 100 or ₹ 2000. You make a purchase by giving this note for the transaction. Even if you deal with debit or credit card, this is under the supervision of the bank. However, apart from paper notes, crypto currency is an independent currency on which no one owns any. That is, the RBI has nothing to do with it.
According to economic analyst Pankaj Jaiswal, ‘Crypto currency is a virtual currency. Like the physical currency of today, it has no form of metal or paper, nor is it guaranteed in any physical form by a state and its central bank. It is purely a digital currency that you can neither see nor touch. Yes, you can store it electronically.
If someone has bitcoin, he can buy goods in the virtual market just like the common currency. One, it is a currency that is based on computer algorithms. This currency does not come under any one institution or authority. Because this digital or crypto currency operates on the Internet. That is why it is also called virtual currency.
History of crypto currency
It was invented by an engineer named Satoshi Nakamoto in 2008 and released in 2009 as open source software. Crypto currency has become quite popular in the last decade. This virtual currency was started in January 2009 as Bitcoin. According to the available information, there are about 2116 crypto currency trends in the world, such as Bitcoin REPLYED Atharva and Bite, and now its market in the whole world has reached $ 119.46 billion.
The market equation will change
With the advent of crypto currency, the equation of the entire market can change. Actually, by using this virtual currency, you can pay a person sitting in any corner of the world. To transact through crypto currency, neither do you need to go to any bank nor connect to any institution. The transaction under the crypto currency is based on peer to peer technology.
According to economic analyst Pankaj Jaiswal, ‘While there are almost some transaction charges for making a payment through a common debit / credit card, there is no additional charge in its transactions, due to this it is also becoming popular. Like any other credit card, there is no credit limit, nor is there a problem of carrying cash, every transaction of the entire bitcoin network can be known without disclosing the buyer’s identity.