(Video) Rajya Sabha TV (RSTV) Laws in The Making: Draft Banning of Cryptocurrency & Regulation in India
Topic: Draft Banning of Cryptocurrency & Regulation in India
Guest:
- Dr. P Pulla Rao, (Economist)
- K A Badarinath, (Senior Journalist)
- Virag Gupta, (Advocate, Supreme Court)
- Vijay Pal Dalmia, (Advocate, Supreme Court)
- Harshit Batra, (Advocate, High Court)
Topic Description:
Draft Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019.
Cryptocurrency is a type of virtual currency, which is not regulated by a central authority and is protected by cryptographic encryption techniques. Bitcoin, Ethereum, Ripple are a few notable examples of cryptocurrencies. As of February 2019, there were more than 2,000 cryptocurrencies across the world, with a market capitalisation of approximately USD 120 billion. However, there were growing concerns on the regulation of virtual currencies and a Committee was formed to suggest possible reforms. The Committee recommended that all private cryptocurrencies should be banned in India. Correspondingly, the Committee proposed a draft Bill banning cryptocurrency in the country.
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Courtesy: RSTV