{"id":168976,"date":"2022-02-16T17:35:36","date_gmt":"2022-02-16T12:05:36","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=168976"},"modified":"2022-02-19T16:41:29","modified_gmt":"2022-02-19T11:11:29","slug":"regulation-of-cryptocurrency-timeline","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/regulation-of-cryptocurrency-timeline\/","title":{"rendered":"Regulation of Cryptocurrency | Timeline"},"content":{"rendered":"

The issue of regulation of Cryptocurrencies<\/strong> has captured public attention with its allure of high returns, especially after the effects of the COVID pandemic. But, it is the high risk that it carries that has forced the world governments to act quickly.<\/p>\n\n\n\n
For other articles under the\u00a0TIMELINE Initiative<\/span>,\u00a0<\/strong>click\u00a0HERE<\/a><\/strong>\u00a0<\/span>\u2192<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

While countries like China have banned Cryptocurrency <\/strong>completely, some countries like India have decided to regulate it by taxing<\/strong> it accordingly. The global Crypto regulatory architecture is still evolving and hopefully, in the future, we’ll have a robust system in place.<\/p>\n

Issue of regulation of Cryptocurrency is, therefore, critical wrt UPSC preparation. Here we present a consolidated list of articles on Cryptocurrency and related issues from leading newspapers.<\/p>\n

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Distinguish between Digital Rupee and cryptocurrencies<\/strong><\/p>\n

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Mains Marathon – Mains Marathon Answer Feb. 2nd<\/strong><\/span><\/p>\n

Digital Rupee is a <\/span>Central Bank Digital Currency (CBDC)<\/span><\/b> based on blockchain technology. It was announced during the Union budget 2022. It may seem similar to cryptocurrencies, as both are based on blockchain technology. However, there are critical differences.<\/span><\/p>\n

Digital Rupee is a Central Bank Digital Currency (CBDC) based on blockchain technology. It was announced during the Union budget 2022. It may seem similar to cryptocurrencies, as both are based on blockchain technology. However, there are critical differences.<\/p>\n\n\n\n\n\n\n\n
Digital Rupee<\/td>\nCryptocurrency<\/td>\n<\/tr>\n
Will be issued centrally by the RBI<\/td>\nDecentralized creation by private individuals and organisations.<\/td>\n<\/tr>\n
Will be legal tender in India<\/td>\nNot legal tender in India.<\/td>\n<\/tr>\n
It will be a fiat currency in digital form, i.e. it will be exchangeable with other fiat currencies.<\/td>\nNot fiat currency but assets created privately to facilitate transactions.<\/td>\n<\/tr>\n
It will have intrinsic guarantee by the RBI for payment to the holder.<\/td>\nNo such guarantee or claim.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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What is the global situation wrt the regulation of Cryptos?<\/strong><\/p>\n

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Epic Magazine – January Month<\/strong><\/span><\/p>\n

(1) El-Salvador is the only country where Bitcoin has been recognized as legal tender;<\/p>\n

(2) 9 countries including China have completely banned the cryptocurrencies;<\/p>\n

(3) Forty-two countries have banned it \u2018implicitly\u2019, wherein banks are prohibited from dealing in crypto directly or indirectly and crypto exchanges are banned. Cryptocurrencies are finding acceptance in the mainstream corporate sector e.g.,<\/p>\n