On December 24, in Asian trading, the value of Bitcoin had even touched $51,524 at one point. The world’s largest cryptocurrency has risen by about four percent in the past couple of days.
On Christmas eve, the value of Bitcoin rose to $51,000 (roughly ₹ 38.27 lakhs) and touched its highest level in more than two weeks. The world’s largest and oldest cryptocurrency has risen by about four percent in the past couple of days.
On Friday, in Asian trading, at one point the value of the cryptocurrency had even touched $51,524 (roughly ₹ 38.67 lakhs). This rise was a result of wider positive sentiment in financial markets. In 2021, so far, the digital asset — famed for its volatility — has risen by about 76 percent. In November, Bitcoin had lost more than $18,000 (roughly ₹ 13.50 lakhs) in value after hitting a record high of almost $69,000 (roughly ₹ 51.77 lakhs) earlier in the month.
The price movement of Bitcoin has piqued many people’s interest throughout the last decade. So far, 2021 has been an eventful year for many cryptocurrencies, with Bitcoin and its price leading the way
Crypto Not Recognised As Legal Currency, To Be Regulated In India: 5 Points
The proposed cryptocurrency bill has suggested regulation of private cryptocurrency rather than banning it, according to a Cabinet note circulated by the government. Crypto is not recognised as legal currency in India yet, as per the note
The note suggests that Cryptocurrency is not recognised as legal currency in the country. The legislation also describes Cryptocurrency as Cryptoasset, according to the Cabinet note.
Cryptoassets will be dealt with the existing crypto exchange platforms which will be regulated by the Securities and Exchange Board of India (SEBI). A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms – which will be regulated by the market regulator
‘Cryptoasset’: All You Need To Know About New Crypto Legislation
Reserve Bank of India’s proposed virtual currency has not been clubbed with the new crypto legislation. However, the central bank will regulate issues related to cryptocurrency.
All those found violating the exchange provisions will be penalised with a criminal imprisonment of upto one and a half years. Penalties in the range of Rs 5 crore to Rs 20 crore may also be levied by the regulator.