Bitcoin is a virtual currency :- Bitcoin is a virtual currency in which the interest of capitalists has been skyrocketing since last ye...
Bitcoin is a virtual currency :-
Bitcoin is a virtual currency in which the
interest of capitalists has been skyrocketing since last year. However, the
supply or use of this currency is controlled by those who understand the
mathematical and computer science language of this virtual currency.
Cryptocurrency cannot be controlled in the same way that a state or country can
control its legal currency.
Government views on cryptocurrency: -
Suppose the Government of India henceforth
uses one Indian currency as well as another special cryptocurrency as the
country's legal tender. That is, even with that crypto-currency, the existing
market will use the cryptocurrency to buy things, save on bank transactions,
sell the stock market, or sell the house. But first, the value of that
crypto-currency will be determined in the amount of money.
If the total amount in Indian currency in
the country is taken as Rs. 100, then Rs. 150 will be added. As a result, the
supply of cash in the country's market will increase at least slightly.
However, there is no doubt that increasing supply will increase production
overnight. In our country, the supply of rice, shellfish, gold, silver, iron,
various types of software, hardware, and all these things will be the same as
before in the short run. If the price of the same amount increases, the value
of the cryptocurrency will increase.
Extra money: -
Economists believe that this is not a bad
thing at all. When every person has extra money, people will be more interested
in buying things, as a result of which the goods sold, the unemployed people,
will all benefit to a great extent. Not only the common man but also the
country will benefit. If the demand for commodities in the market increases
then the production will increase rapidly. If this production increases then
inflation will come down. However, in this case, where a little work is
possible, the price will go up further. However, the growth of the economy will
increase.
Political issues with cryptocurrency: -
There are also political issues with
cryptocurrency. When the country's economy is declining, it is very effective
to strengthen the economy by lowering interest rates and increasing the money
supply. Governments of all countries are obliged to do so. The Indian
government has done this many times. If a cryptocurrency has the status of a
legal tender, and if it lowers people's confidence in the currency, an increase
in money supply will boost the economy. If the Reserve Bank comes under
control, it can be very difficult to keep the country's overall cryptocurrency
supply unchanged.
Right direction of economy: -
The government always has a special role
to play in doing good deeds, relieving the people in times of crisis, and
moving the economy of the country in the right direction. If a monetary system
outside the sovereign borders of the country is important in the economy of the
country, then the independent monetary policy of the country may be disrupted,
is a problem.
Why the value of money changes: -
It is very difficult to keep the exchange
rate of our country's money and crypto-currency stable. When the supply of
cryptocurrency increases or decreases, or when international demand changes,
the value of money changes drastically. If people continue to prefer virtual
money, then Indian money will fall on deaf ears. So, first of all, trading
goods through various virtual platforms helps to accelerate the economy of the
country in terms of money transactions. As a result, however, if the government
wants to hear the arrival of a better day or time in the country by controlling
the rise in national income, employment and inflation, increasing the supply of
cash by lowering interest rates, crypto-currency. Will be left.
Misused as a medium of exchange: -
The supply of cryptocurrency should be
determined by mathematical calculations. So far, the growth rate of the money
supply has been mathematically self-regulating. But if in the future a small
group of people seizes most of the cryptocurrency and if the cryptocurrency is
misused as a medium of exchange, the world financial system will naturally
become a little dependent on them. A big international trader forced an
economically prosperous country like Britain to move pound-sterling from
controlled to uncontrolled currency, which is not very fair.
It is almost impossible to control
crypto: -
In a sense, it is almost impossible to
control what is invisible to the naked eye. It can be seen with the naked eye
that it is very difficult to impose any kind of tax on a business worth crores
of rupees. Also, when you have to pay more tax, the capital can leave that area
and move to another place in an instant. This is always the case with business.
So by expanding the e-commerce business, the government will be able to generate
income and spend it for the welfare of society, which is not very easy.
Therefore, the government has also started proposing to create competitive
virtual money to deal with virtual money.
The good of technology always outweighs
the bad:
The good of technology always outweighs
the bad. But we don't like the reflection of the growing and anti-human
biological mindset of hackers. The mindset is, chaos can never be desirable
because I don't like it. So every country and people of the world need to beware
of crypto-chaos.
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