Black Money is a big issue in developing countries like India. In order to control Black Money, Supreme Court of India had organized a SIT (Special Investigation Team) on Black Money. In the recent meeting of SIT in Delhi declared some huge announcement for Cryptocurrency.
The announcements by RBI and SIT heavily reflects the price of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and couple more cryptocurrency. Within 24 hours of the announcement, the price depreciates by 25%.
The Special Investigation team was thinking that some big businessmen are hiding their black money behind Cryptocurrencies. They asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions.
The Officials of SIT declared the most famous Cryptocurrency “Bitcoin” illegal in India and request RBI as well as Income Tax department to check the transactions of Cryptocurrencies in India. The Government of India is thinking to make rule and regulations for Cryptocurrency trading otherwise thinking to ban cryptocurrency trading in India.
During the meeting in Delhi, the NCB (National Control Bureau) informed the SIT (Special Investigation Team on Black Money) that about four cryptocurrency-fuelled drugs smuggling transactions have been unearthed in the country in the last two years. Moreover, Tax Department also investigating on the same.
Earlier this year, Finance Minister of India, Arun Jaitley declared Cryptocurrency as ‘illegal’ and he also added that Government is nowhere liable to pay any compensation if some have a loss in Cryptocurrency investing. Moreover, any fraud done by exchanges would on their on own risks. Even after this announcement, the trade kept on increasing day by day in India. Even still it keeps on increasing.
Earlier, RBI also tried to do their best to stop people of India from investing in cryptocurrencies like Bitcoin, Etherum and more. But they didn’t make it through. As the technology is growing, people are getting aware of cryptocurrencies and they are investing in it without thinking its merits and demerits.
Those who don’t know why Indian Government keeps on protect the people from investing in cryptocurrency because it could lead to you to a huge loss. It needs patience. Moreover, one needs to have knowledge of cryptocurrency’s ups and downs. Also, as per the above information, some big businessman are hiding their black money behind the cryptocurrency exchanges.
Recently, India bans Banks from Processing Cryptocurrency Transaction with a time limit of 90 days from executing the order.
Don’t Miss – How to Buy Cryptocurrency in India