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In Pics | Here's why government wants to regulate cryptocurrencies

Still confused about cryptocurrencies? Find answers to some frequently asked questions about it and blockchain technology.

November 24, 2021 / 05:53 PM IST
A cryptocurrency is a generic name for a virtual currency – Bitcoin is like a brand. Think of cryptocurrency as Cola and Bitcoin as, say, Pepsi. (Image: News18 Creative)
A cryptocurrency is a generic name for a virtual currency – Bitcoin is like a brand. Think of cryptocurrency as Cola and Bitcoin as, say, Pepsi. (Image: News18 Creative)
Bitcoin is the most popular cryptocurrency in the world today. It is one of over 4,000 cryptocurrencies available in the world today. (Image: News18 Creative)
Bitcoin is the most popular cryptocurrency in the world today. It is one of over 4,000 cryptocurrencies available in the world today. (Image: News18 Creative)
Take a look to understand how cryptocurrencies work. (Image: News18 Creative)
Take a look to understand how cryptocurrencies work. (Image: News18 Creative)
In April 2018, Reserve Bank of India (RBI) virtually banned cryptocurrencies and prohibited all regulated entities, such as banks, from allowing anyone to trade in them. (Image: News18 Creative)
In April 2018, Reserve Bank of India (RBI) virtually banned cryptocurrencies and prohibited all regulated entities, such as banks, from allowing anyone to trade in them. (Image: News18 Creative)
In February 2021, Finance Minister of India Nirmala Sitharaman told Rajya Sabha, “a high-level Inter-Ministerial Committee (IMC) recommended a ban on all private cryptocurrencies, except any virtual currencies issued by state. (Image: News18 Creative)
In February 2021, Finance Minister of India Nirmala Sitharaman told Rajya Sabha, “a high-level Inter-Ministerial Committee (IMC) recommended a ban on all private cryptocurrencies, except any virtual currencies issued by state. (Image: News18 Creative)
In November 2021, the union government has listed a bill to regulate cryptocurrency, barring a few exceptions, and provide a framework for the creation of an official digital currency to be issued by the RBI. (Image: News18 Creative)
In November 2021, the union government has listed a bill to regulate cryptocurrency, barring a few exceptions, and provide a framework for the creation of an official digital currency to be issued by the RBI. (Image: News18 Creative)
Cryptocurrencies do not maintain your records. Nobody knows who the seller or the buyer is, and that is a real danger in popularizing cryptocurrencies. This anonymity can give rise to terror funding and money laundering. (Image: News18 Creative)
Cryptocurrencies do not maintain your records. Nobody knows who the seller or the buyer is, and that is a real danger in popularising cryptocurrencies. This anonymity can give rise to terror funding and money laundering. (Image: News18 Creative)
Moneycontrol News
first published: Nov 24, 2021 05:52 pm

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