Most Popular ‘Bitcoin’ Virtual Currency, Better Known As Cryptocurrency, World’s First LA Salvador Being legally recognized in the country means that these new money transfers can no longer be regulated. Lee Salvador This bold move by President Nayib Bukkle is expected to boost investment opportunities and tourism in the country and its economic benefits to flow to all Salvadorans. Central banks in other countries that run the economy are expected to ease restrictions on virtual currency later. Central banks postpone their decisions for legitimate fear of losing their power to control the value of the national currency.
Virtual currency opportunities in India are also expected after the Supreme Court ruled that the circular banning virtual currency by the Reserve Bank was invalid. The Supreme Court overturned the circular on the grounds that there are no legal restrictions on virtual currency. Subsequently, the Reserve Bank asked banks to monitor and regulate these currency transactions even if they do not come forward to give them legal recognition. It is also rumored that these transactions could soon be placed under the surveillance of organizations like SEBI. If virtual currency trading is subject to tax laws, it is likely to generate additional revenue for the state. It is estimated that 15 million people in India have invested in virtual currency and the total value of the investment could reach $ 100 million.
The global reluctance towards virtual currencies did not end overnight. An important milestone was the lifting of the ban on advertising of virtual currencies by popular IT companies such as Google and Facebook. Facebook introduced a virtual currency called “Deem” which is linked to the value of the US dollar. These decisions of global companies will certainly have an impact on India’s position as well. Even before virtual currencies were legalized in India, the number of its users and the value of the currency exchanged had increased significantly. As the value of virtual currencies increases exponentially, speculation can be controlled by legally recognizing and creating clear rules.