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Cryptocurrency bill 2021 India highlights : What is Cryptocurrency, key points
The cryptocurrency bill and regulations of official currency bill will be presented in the Monsoon Session of Parliament that will begin on July 19, 2021.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will prohibit all private cryptocurrencies in India.
The bill will framework for the launch of an “official digital currency”, which will be introduced in Parliament’s Budget session.
Key purpose of bill :
- Creation of the official digital currency to be issued by the Reserve Bank of India
- Ban to all private cryptocurrencies in India
- Certain exceptions to promote the underlying technology of crytptocurrency and its uses
What is cryptocurrency?
- Cryptocurrencies are form of digital currency used in electronic payment transactions.
How can Cryptocurrency can be stored?
- Digital currencies are stored in digital wallets, which are software or apps installed by users on their computer or mobile device.
- Each digital wallet contains encrypted information, called public and private keys, that is used to send and receive the digital currency.
Features of Cryptocurrency?
- There are zero to minimal transaction fees
- Transactions are fast
- Not bound by geography
- Similar to using cash
- Transactions are anonymous
Various start-ups dealing with cryptocurrency have come up in India :
- Unocoin in 2013
- Zebpay in 2014
- Tracxn in 2019
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