The price of bitcoin skyrocketed, Modi government announces to bring bill on cryptocurrency soon

The price of bitcoin skyrocketed, Modi government announces to bring bill on cryptocurrency soon 

On Monday, Bitcoin's price crossed $ 47,000 Tuesday after Elon Musk's electronic car company Tesla announced an investment of $ 1.5 billion in Bitcoin. On Tuesday, Minister of State for Finance Anurag Thakur said in the Rajya Sabha that the government will soon come up with a new bill for cryptocurrencies as the existing laws are not able to address the concerns related to them.

Thakur said in response to a question that regulatory entities like RBI and SEBI do not have any legal authority to directly regulate cryptocurrency as it is not a currency, asset, security, or commodity issued by certified users. He said that the existing laws are insufficient to deal with them.

The government has constituted an inter-ministerial committee, which will submit its report on the virtuous currency. Thakur said that a bill on the cryptocurrency is being finalized and it will be placed before the cabinet soon. We will bring a new bill soon.

Considering the risk associated with virtual currency including Bitcoin, RBI had advised all the entities under its control in a circular issued in April 2018 not to transact in virtual currency nor provide any service related to it. However, the Supreme Court, through an order dated March 4, 2020, imposed this circular on the RBI.

The cryptocurrency market has been witnessing a tremendous boom in the last 3 days. The prices of Bitcoin, Litecoin, and Dogecoin have increased drastically. In the last 24 hours, the world's most popular cryptocurrency bitcoin prices have reached record highs. Today, the price of a bitcoin is trading at more than $ 47,553, ie 34.66 lakh rupees. In the last 24 hours, Bitcoin prices have gone up by 21.47 percent and the market cap (m-cap) of Bitcoin has increased to more than $ 886.16 billion i.e. 64.60 lakh crore rupees.

Similarly, in the past 24 hours, Litecoin has gained 13.66%, XRP 10.19%, Ethereum 7%, Stellar 3.5%, and DogCoin has gained 11%. Dogecoin was trading at $ 0.079708 at 12.30 pm today. At the same time, LiteCoin was at $ 171.74 and Ethereum at $ 1761. Talking about other cryptocurrencies, XRP today is trading at $ 0.478934 and Steller at $ 0.398780.

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