.png "Keep these things in mind on cryptocurrency. | Money laundering law has been implemented on cryptocurrency in India.")
Money laundering law has been implemented on cryptocurrency in India.
If you think of doing wrong things with the help of cryptocurrency in India, then it will not good for you, Because the Modi government has taken a big decision regarding cryptocurrency. Now it will be difficult to carry out any illegal work through crypto in the country.
The government has implemented anti-money laundering provisions on cryptocurrencies or virtual digital assets to tighten the monitoring of digital assets. Let's know the decision of the government. According to reports, the Ministry of Finance has said that the Anti-Money Laundering Act has been implemented to keep crypto trading safe and related financial services.
In such a situation, now Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit of India. This is all similar to another regulatory institution such as a bank or a stockbroker. Probation of Money Laundering for Digital Assets will follow your laws. Cryptocurrencies and other digital currencies have become quite popular in the last few years in India as well.
With the launch of cryptocurrency exchanges, the trade in this asset has increased manifold. Although till last year, India did not have any clear policy on regulating or taxing such asset classes, now with the implementation of anti-money laundering provisions on cryptocurrency or virtual digital assets, the illegal trade through them will be curbed. It will help the administration to monitor the transfer of these assets outside the borders of the country.
Also, crypto exchanges and intermediaries dealing with virtual digital assets ie VDA will now need to get KYC done for their users and users of the platform. The notification states that exchange between virtual digital assets and fiat currency, virtual assets in one or more forms of exchange, transfer of virtual digital assets, and safekeeping of virtual digital assets or enabling the administration or control of virtual digital assets.
The participation of instruments and financial services related to an issuer's offer and sale of virtual digital assets will now be covered through the Prevention of Money Laundering Act 2002. Finance Minister Nirmala Sitharaman recently talk about the global framework regarding cryptocurrency.
At the same time, the Reserve Bank of India has warned people many times about other digital currencies. RBI has said that cryptocurrency should be banned as it is similar to a Ponzi scheme i.e. a fake scheme. Explain that crypto is a digital currency, it is not legal tender. Simply put, cryptocurrency is not legally recognized.
To be used as a transaction in the country and it is not monitored by any government. Nor does any government or central bank have any control over cryptocurrency. Through this, transactions can be done digitally. Cryptocurrency is stored in different places through blockchain technology.
BITCOIN again caught pace:
Dark clouds of recession are hovering over the stock market. On Tuesday, the market closed in the red mark for the fourth consecutive trading session. The impact of the global recession has been seen on the market. On the other hand, crypto has returned to the market after a long time. Investor interest in the crypto market has increased again.
In two days, the price of bitcoin rose by more than 20%. On Tuesday, bitcoin pressure increased by 10% to reach beyond 2.1 million. On March 21, the price of bitcoin was ₹ 18,88,000, which increased to ₹ 21 lakh on 14 March. Apart from this, since January till now, bitcoin has given a 50% return to investors.
On January 1, the price of bitcoin was close to 14 lakhs, which has now crossed 21 lakhs. Overall, this kind of boom is being seen in bitcoin after 2021. Bitcoin reached its all-time high in November 2021. At that time the price of bitcoin had reached $65,000, which is now $24,000.
There is also a reason behind why new purchases are coming back in bitcoin, like the news of the collapse of two banks in the US has increased investor interest in bitcoin as investors are considering bitcoin as an alternative to the traditional banking system. This is the reason that there has been an increase in the purchase of other cryptocurrencies including bitcoin by investors.
Apart from bitcoin, the prices of other currencies also increased. For example, the price of ether reached 1,40,000 on Tuesday with a 1% jump. On March 12, the price of Ethereum was ₹ 1,20,000, which saw a jump of ₹ 20,000 i.e. 18% in two days. Dogecoin also lost 10% in two days. Overall, after a long time, there has been a boom in the crypto market.
The boom in crypto transactions boosted investor confidence. Crypto experts say that on every fall in bitcoin, some buying strategy should be adopted. Anyway, the crypto market is known for its huge ups and downs. That's why investors are advised to invest 2 to 3% of their portfolio in the crypto market.