Cryptocurrency is a legal monetary terminology, often frowned upon by people is deemed as illegal even when the government considers it not to be?
Cryptocurrency has been in our world for quite some time now, however, it was only last year i.e. in 2017, that the term 'Bitcoin' became the talk of the town and word of mouth spread fast with everyone discussing or dealing in crypto matters.
Bitcoin was treasured at a stellar $18,000 USD only to see it tumble and gasp for air amidst the bedlam and fall by huge numbers to not lose its crown but undoubtedly lose its value. On top of that, Reserve Bank recently took the momentary decision to appraise cryptocurrency as an illegal money exchange, commanding banks all over India to close their doors. The banks followed lead and hatched all means to get through to cryptocurrencies.
Reserve Bank was elected by the people as one of the representatives of the government on their terms to serve them justly and take matters into consideration.
Abolishing all sense of entitlement, the Reserve Bank imposed it as a law and crypto businesses all around the country handed over the leash. Leaving no stone unturned, major crypto businesses were caught unaware and without any time for preparation had to close the company for good.
People all around the world questioned this as now not just India but globally every one collectively disputed against the government as they were 'lawfully' incorrect and 'morally' unjust. Democracy demands rightful law and this was crypto negligence to the brim.
The fact that a lot of those businesses could have changed the face of how online cryptocurrency exchanges took place or could have innovated the next big crypto development was fallacious as now we will never know what could have happened. The decisions took a toll on start-ups and established businesses alike to stop what they were doing and change their ways.
Cryptocurrency: Legal or Illegal?
It is often debated if cryptocurrencies are legal or not. Crypto experts claim - How cryptocurrencies can be illegal when the government has never released an official statement stating their behaviour or discussing this issue? Where is the proof? What can be done about this? Let's see.
The public is the targeted audience and the answers lie with them. It is only right to consider the opinions of people before taking any decision, as unknowingly imposing a law leaves no other option for the people but to follow it.
Also, as long as cryptocurrencies are banned or levied as illegal, it correctly holds its place as a valuable asset with legal or law-abiding solutions. The 'law' is for the people, by the people, with the people and most importantly not against them.
Although cryptocurrency may have just resurrected recently, there must be a reason why it did. Instead of being ignorant to new advancements, it is good to understand crypto exchanges, Blockchain technology and at least give crypto a chance.