All you wanted to know about cryptocurrency: What is it, what is its importance & how is it valued | Explainer Part - 1

All you wanted to know about cryptocurrency: What is it, what is its importance & how is it valued | Explainer Part - 1

The Union Government will bring in a new bill on cryptocurrency in the winter session of the Parliament, scheduled to begin on November 29. The bill, titled ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, aims at creating India’s official digital currency to be issued by the Reserve Bank of India. It also seeks to prohibit all private cryptocurrencies in the country, but promises to provide certain exceptions to ‘promote the underlying technology of cryptocurrency and its uses’. Cryptocurrency has been hogging media headlines for some wrong reasons too. Earlier this month, the Kerala Police had arrested four persons in connection with a cryptocurrency fraud to the tune of Rs 100 crore in Kannur. They apparently collected the money from investors promising huge returns via cryptocurrency trade. Cryptocurrency …
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