Today's era is the digital era, and there are a lot of bitcoin transactions occurring because bitcoin is the most popular cryptocurrency. There are a lot of bitcoin users who use bitcoin for multiple purposes because there are a lot of benefits to the users, and by increasing the users and transactions, bitcoin frauds and scams are also increasing. Bitcoin is a decentralized currency because it is an open-source system, and no third parties are involved. Every single transaction is private that gives birth to illicit activities. The cryptocurrency is out of control, and the government is taking action to restrict its uses because they can only restrict instead of control it. This article will discuss the latest announcement of prime minister Narendra Modi who wants to regulate bitcoin in restrictions. So without wasting time, let's explore the latest bitcoin news.
Bitcoin in brief:
Bitcoin is the popular digital currency that everyone in the world can use for particular purposes. Fiat currency will allow you to exchange, but you can do multiple things with bitcoin such as investing, trading, mining, online shopping, buying and selling, sending and receiving, earning a profit, etc. Bitcoin is a non-controllable or non-manageable currency that means no third parties such as the government and financial institutions can control it. If you want to learn more about bitcoin trading and profit then read more about the bitcoin profit
PM Modi's announcement:
The prime minister of India, Narendra Modi, recently announced that the bitcoin cryptocurrency would restrict the bitcoin at a certain level. The internet is full of fake news about bitcoin banning in India, but there is no proof.
There are a lot of bitcoin users in India who are holding millions of bitcoins merely to earn money. Since bitcoin is an open-source system, it gives birth to new scammers and frauds taking advantage of this digital currency. Since the government cannot control bitcoin, many people started doing bitcoin transactions in exchange for illegal goods and services, and it isn't easy to track the person. You can create a lot of bitcoin wallets on bitcoin because there is no restriction and the reason is you are the owner of your bitcoin wallet, and no one except you can track or make any changes.
PM Modi said in the recent tweet that we are regulating the bitcoin payment to prevent illicit bitcoin activities. If you want to do bitcoin transactions, then you must have followed the rules and regulations.
Many people say that bitcoin will ban in India, but there is no action toward banning bitcoin. So the Indian government is taking action to restrict bitcoin use at a certain level to control illicit activities. The government announced the bitcoin is an asset that means you can use a bitcoin for investment purposes, which means you can hold the bitcoin and earn money, but rules and regulations on bitcoin payments will restrict to prevent fraud. So it means that you can buy bitcoin to earn money, but you cannot do bitcoin transactions, and if you want to make a bitcoin payment, you must follow the guidelines that will be announced shortly.
Bitcoin regulatory framework:
The Indian government is working toward making a regulatory framework instead of entirely banning bitcoin. You can invest in bitcoin, but you cannot make any payment through it, and if you want to do so, you have to follow the framework. In India's previous bitcoin ban announcement, many people sold their bitcoins to withdraw their fiat currency, and suddenly the price started decreasing. A lot of people suffered a loss.
So, you can do bitcoin investment and trading without fear because there will be restrictions for scammers and frauds. If you live in India and think that bitcoin will ban in India, stop being afraid; you can freely do bitcoin investing or trading. Choose any bitcoin exchange and start your bitcoin investment but make sure you have the basic knowledge of bitcoin technology. There are a lot of books and articles on bitcoin technology, and you can start learning before investing in it. So take the steps wisely and carefully because bitcoin is a hazardous investment, whether short-term or long-term.