New Delhi: After the demonetisation black money stopped by cash in real estate but black money is being spent in real estate through Bitcoin. The government suspects that many people in the real estate are involved. Many vendors in real estate are now using crypto coins i.e. Bitcoin for property deals. Especially in this, NRIs are being supported in particular. They are transferring these money abroad. Apart from this, many vendors are accepting Bitcoin instead of cash. It is easy and their prices are fixed on a daily basis.
Impact on the economy: According to sources in the finance ministry, the investigation of the use of black money in Bitcoin in the real estate has started. Enforcement Directorate (ED) has started its investigation. In the initial report sent to the Ministry of Finance, E.D. Said that the use of Bitcoin would have a great effect on the economy. Also the use of black money will increase faster than Bitcoin. At the same time there is a severe risk for bactericidal for the current currency. BitQquine will also be used to violate FEMA laws. Ed. Has raided 2 bases of Ahmedabad using Bitcoin.
Preparation of Framework: The government says that framework is being prepared on Bitcoin soon. The Government has decided to implement the IT Challenge for Block chain Technology of Bitcoin. Have a meeting with the companies. Significantly, block chain technology is used for security. These companies will give a presentation to the government on this issue. These four companies have huge investments in Block Chain Technology. By the way, the Committee on Virtual Currency, like Bitcoin, has recommended strict monitoring of the currency. Dinesh Sharma Committee has recommended that RBI, SEBI, Income Tax, CBEC And the Financial Intelligence Unit officials should be made a task force. This task force will protect the interests of customers. The Financial Intelligence Unit will monitor the misuse of virtual currency.
Will get Legal status: Sources say that virtual currency like bitquine can get legal status. R.B.I. Make a detailed guideline on investment and transactions in virtual currency. Virtual currency can be brought under the purview of Reserve Bank Act 1934. There is a plan to recover tax on the income from the investment of the government’s virtual currency. The rules of the Foreign Exchange Management Act may apply on transfer of money abroad. No user Customer (KYC) terms will be prepared for investing in virtual currency. All these proposals have been discussed in the Committee Meeting on the issue of Virtual Currency.
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