Why did RBI Ban Crypto?
RBI Ban Crypto: Reserve Bank of India’s Deputy Governor T Ravi Shankar while advocating a ban on cryptocurrency said that it is worse than the Ponzi scheme. Those who are wondering what is this Ponzi scheme, tell them that the Ponzi scheme is just an investment scam, this scheme promises investors more returns than they invested. All the companies that invest in Ponzi schemes put all their attention on new customers. This is a matter of the Ponzi scheme. The Reserve Bank of India (RBI) has recommended a ban on cryptocurrencies citing ‘destabilizing implications’ for the monetary and fiscal health of the country and the RBI issued a circular on 6 April 2018 prohibiting the use of cryptocurrencies. Orders were also given to banks and other financial institutions. That they should not do any transaction in the form of cryptocurrency or virtual currency.
When did cryptocurrency become popular in India and how did it happen?
RBI could not ban crypto in India. Let us tell you the reason for this, after the RBI crypto circular, the Internet and Mobile Association of India filed a petition in the Supreme Court in protest on April 6, 2018. Its verdict was pronounced against RBI on March 4, 2020, after which the RBI ban on cryptocurrency was lifted. After the Supreme Court, cryptocurrency and all its related issues started wearing in India. After the removal of the ban, now traders and investors can invest their money in it. Currently, there are more than 13,000 active cryptocurrencies.
Top 5 most expensive cryptocurrencies in the world
We tell you about the world’s most expensive and trusted coin, before investing in crypto, collect complete information about it, such as when it was launched and how many people are investing in it, and how stable it is. The list is below:
Bitcoin is a decentralized digital currency, it is the first decentralized cryptocurrency and it does not work under any bank or government.
When Bitcoin started in 2010, its price was $0.00073 and in Indian currency, it was ₹0.060. And now its price is $16924 and in Indian currency is 13,94,020.04.
Ethereum is a decentralized digital currency, it is the most decentralized cryptocurrency and it does not work under any bank or government.
When Ethereum started in 2015, its price was $9.69 and in Indian currency, it was ₹797.13. And now its price is $1,263.80 and in Indian currency is 1,04,021.87.
BNB is a decentralized digital currency, and it does not work under any bank or government. When it started in 2017, its price was $3.62 and in Indian currency, it was ₹298.01. And now its price is $260.98 and in Indian currency is 21,478.35.
Auto is a decentralized digital currency, and it does not work under any bank or government.
When Auto started in 2020, its price was $604.03 and in Indian currency, it was ₹49695.97. And now its price is $227.86 and in Indian currency is 18,746.87.
Monero is a decentralized digital currency, and it does not work under any bank or government.
When Monero started in 2017, its price was $67.64 and in Indian currency, it was ₹5,564.88. And now its price is $155.33 and in Indian currency is ₹12,779.48.
What does the Government of India have to do with crypto?
Cryptocurrency is unregulated in India. India’s Finance Minister Sitharaman also talked about crypto in the 2022 budget. Like 30% tax and 1% TDS will be deducted on crypto transactions.
In India, neither the law has been made to make it all the way first, if any fraud happens to you, no legal action will be taken.
5 Newly Launched Crypto Coins In 2023
FightOut – The best cryptocurrency coin launch to invest in in 2023.
Dash 2 Trade – High-relevance utility token of 2023.
C+Charge – Green crypto token dedicated to decentralizing the EV market.
Eye AI – Artificial Intelligence for humanity.