New Bill to Ban All Cryptocurrencies Except Official Digital Currency by RBI

Cryptocurrency: Cryptocurrency is digital money, which does not have any physical significance.

In a recent note, the Reserve Bank of India mentioned that it was working on developing its own Digital legal tender. Cryptocurrency does not provide any sovereign guarantee. Cryptocurrency is decentrailised. The value of cryptocurrency is backed by computer complex programming and that is safe. It can not be altered by any individual.

In the case of digital currency, there will be complete tracking and it will be different from online UPI transactions. Because digital currency does not have any physical significance like online UPI Transaction.