Bitcoin and other cryptocurrencies legal status vary from state to state, and it is still not defined and has a long way to go. While most countries do not consider Bitcoin as a legal currency, and few of them have not declared it illegal, its status as a commodity or money varies with different regulatory meanings. Few States have allowed Bitcoin to trade and use it as a payment form; others have restricted or banned it. Similarly, various departments, government agencies, and courts have categorized Bitcoins differently. In this article, we’ll analyze – what if bitcoin may be banned or criminalized in the future.
The government of India does not have any strong viewpoint, and it is quite skeptical about cryptocurrencies. It is wavering between the idea of regulating cryptocurrencies or banning them. Even though the government tries to encourage blockchain technology, it does not approve its usage in cryptocurrency. If the government would like to profit from the revenue through blockchain transactions, it should approve the cryptocurrency, not just in INR, but as a unit of account.
To summarise, Bitcoin is not controlled by monetary authorities, banks, financial institutions, or the government. When there is a scam committed using Bitcoin, it is very difficult to trace it because of its lack of central authority. It is not possible to recover any losses. Bitcoin’s prices are highly volatile, and several scams are committed in the name of Bitcoin. Cryptocurrency poses a great threat to the traditional banking systems that most governments have recognized. And there is no single authority that regulates cryptocurrencies. Because it is decentralized, not even a government or individuals can control it, and it will stay as long as the internet operates. That’s why the price of all cryptocurrencies, especially Bitcoin, is going high day by day. You can make investment in Bitcoin or any crypto using Immediate Edge Bot. It is an automated or programmed platform that focuses on making profit from Bitcoin. Check Immediate Edge Review by experts to get more details on this unique platform along with its legitimacy status.
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