Prakash Priyadarshi, New Delhi: After banning cryptocurrencies like bitcoin in India, now the Modi government is preparing to bring homegrown virtual currency. According to the information received by Zee Media, the central government is working fast on this new technology. According to sources, work has started on the technology and utility related to the native virtual currency and it is expected that its design will be revealed by September. Actually, now it is trying to know how to use this technology positively. The government is in talks with RBI, SEBI and other stakeholders about this.
Bain after July 5 in India was looking at trading in Kriptokrensi
Significantly like Bitcoin past Kriptokrensi trading had been banned completely. Trading in this cryptocurrency in India was banned after 5 July. The RBI issued a circular in April giving instructions to the banks. In which it was clearly written that trading in crypto exchange in India will not be done. The Supreme Court also refused to interfere in the matter.
What is cryptocurrency
This is a type of digital currency. In this, virtual currency is created through computer system and after that it is traded. This currency is not covered by the regulations of any central bank and in this transaction or trading is considered illegal.