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It comes as no surprise that the Reserve Bank of India is already evaluating the possibilities of a digital currency while terming it as a work-in-progress
Bitcoin has drawn enthusiasts for its scarcity and security, but the volatile digital currency still is not widely used to pay for goods and services
RBI had earlier announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.
Bitcoin mining is like any other business where you have to invest capital and labour to generate returns, he said.
"We can now help the government in formulating the regulation. This is something that we have seen in other countries also," he said.
Any shift in sentiment, regulatory risk and rise in the competition can change the bullish trend in the digital currency.
Bitcoins are back in news, after its prices crashed to $3000 level in 2017. The currency gave the return of around 307% in 2020 and is currently trading around $38,000 level . But before you dabble in the cryptocurrency, you should know that buying virtual currencies is not illegal in India, but it is not […]
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Bitcoin has given stellar returns since the start of this financial year. If you want to know more about the cryptocurrency here are a few FAQs. What is Bitcoin? After the subprime mortgage crisis in 2008 many governments had to print billions of dollars in order to bailout banks and insurance companies. This excess liquidity […]