India government makes law for cryptocurrency

Yes. Rules and regulations are very important. We can see the scams and problems going on with the digital payment mode. 

Cryptocurrency would be something next level. It is important for the government  to keep an eye on everything rather than to ban it. 

Absolutely, banning may not be a solution since most developed nations except Britain with its feudal mindset have accepted it. Britain is worried that Pound Sterling with its Royal implications and the banking system might get sidelined if crypto currency takes over.

If all countries will accept crypto than it will be world currency. When most of peoples begins to start this currency than all banking system may be useless.

And that is why we need a proper regulatory system that could control and manage all the things and still benefit everyone. If not benefit atleast no one experiences loss. 

How banking system will transform is one big question that will be in the minds of everyone. Will they convert themselves to Bitcoin exchange platform or something intermediary or likewise?

epraneeth77 wrote:

How banking system will transform is one big question that will be in the minds of everyone. Will they convert themselves to Bitcoin exchange platform or something intermediary or likewise?

At present $$ is a currency which is accepted by all countries. $$ is currency of USA and it is democratic country. But who is behind the crypto? Who is controlling it?

anil wrote:

epraneeth77 wrote:

How banking system will transform is one big question that will be in the minds of everyone. Will they convert themselves to Bitcoin exchange platform or something intermediary or likewise?

At present $$ is a currency which is accepted by all countries. $$ is currency of USA and it is democratic country. But who is behind the crypto? Who is controlling it?

Very true, it seems to be an neutral body, but however, even a neutral body, its regulations and rules must be known, without which the security and accountability issues may arise.

epraneeth77 wrote:

anil wrote:

epraneeth77 wrote:

How banking system will transform is one big question that will be in the minds of everyone. Will they convert themselves to Bitcoin exchange platform or something intermediary or likewise?

At present $$ is a currency which is accepted by all countries. $$ is currency of USA and it is democratic country. But who is behind the crypto? Who is controlling it?

Very true, it seems to be an neutral body, but however, even a neutral body, its regulations and rules must be known, without which the security and accountability issues may arise.

I am explaining some more. Suppose a country allowed crypto and start to convert in in their currency. One day it is possible that they have enough crypto. Suddenly if price of crypto fall down to much than what will happen with economy of that country, think for a while.

Having crypto currency alongside with other currency has not posed any problems to developed nations so far and there is limitations as of now s to how many bitcoins will be released to the system. There will only be 21 million bitcoins to be mined ever ..

usha manohar wrote:

Having crypto currency alongside with other currency has not posed any problems to developed nations so far and there is limitations as of now s to how many bitcoins will be released to the system. There will only be 21 million bitcoins to be mined ever ..

Every country releasing their currency and all peoples know about it but, Who is releasing bitcoins?