Bitcoin Digital Currency
The government has recorded the Cryptocurrency and Regulation of Official Bitcoin Digital Currency Bill, 2021 for introduction
consideration and passing at the present session of Parliament.
The electric automobile company Tesla has declared to begin accepting Bitcoin as payment. Tesla has invested $1.5 billion in Bitcoins.
Tesla CEO Elon Musk said last month that people in the US can now buy a Tesla with Bitcoins, and also the option to cover
the popular cryptocurrency will soon be available to other states later this year.
Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC).
Bitcoin alone has donated more than $1 trillion following its price more than doubled in 2021
is currently hovering around $57,000 per digital coin.
The other key cryptocurrencies — Ethereum, Binance Coin, Polkadot, Tether and Cardano — have a combined value of about $422 billion.
worldwide support for crypto industry
Directed by Bitcoin, the global cryptocurrency market has zoomed past $2 trillion in market capitalisation amid a surge in institutional need.
India’s leading cryptocurrency gamers, represented by IAMAI (Internet and Mobile Association of India) have appealed to the government of India to not prohibit cryptocurrency, saying that a robust mechanism to regulate the ecosystem is needed.
“The developing worldwide support for crypto industry isn’t surprising as believe tanks/institutions across the globe have realised the significance of digital assets and want to take first mover advantage. There is no other asset class in the world which can offer such a powerful hedge against inflation,” Thakral stated in a statement on Wednesday.
Bitcoin and Ethereum
According to Shivam Thakral, CEO, BuyUcoin, the digital assets have conquered every other asset class as
Bitcoin and Ethereum have grown 100 percent and 190 percent this calendar year, respectively.
In India, with Union Finance Minister Nirmala Sitharaman stating that all windows cryptocurrencies will not be shut down
industry stakeholders last month said that a favorable move at this time
can unleash a plethora of opportunities for the nation.
This step will be consistent with many central banks that have begun going to issue their own digital currencies.