An Inter-Ministerial Committee set up to look into cryptocurrencies and blockchain has called for banning private cryptocurrencies<\/strong> in the country. <\/p>\n\n\n\n Cryptocurrencies came to the fore with Bitcoins. Initially, these\ncurrencies showed promise as an alternative to hard currency. But, as things\nunfold there is so much risk associated in dealing with these and people are\nlosing their money. Yet, companies like Facebook, which launched its\ncryptocurrency Libra are betting big on the digital currency. <\/p>\n\n\n\n As the committee noted, there is not much use for\ncryptocurrencies in the Indian economy. Also, by suggesting to be open-minded\non RBI developed currency, a channel will be open to using such currencies. <\/p>\n\n\n\n Cryptocurrencies are also notorious for they can be used as a\nchannel for money laundering. The Financial Action Task Force (FATF) has\nalready noted that these are potentially being misused for terror financing. In\nsuch a scenario, the proposed ban on such currencies is understandable. <\/p>\n\n\n\n On the technology part, blockchain has immense potential to transform the economy. From payments to accounts maintenance and managing land records, the technology enables both public and private entities to be transparent in their operations and deliver services efficiently. It improves the overall governance. <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":"In-Detail <\/h3>\n\n\n\n
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Lack of Value <\/h3>\n\n\n\n
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Draft Law <\/h3>\n\n\n\n
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On Blockchain<\/h3>\n\n\n\n
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Conclusion <\/h3>\n\n\n\n