With no regulatory body or appropriate rules in place, this investment is viewed with suspicion
Crypto currency is a talking point all over the world. There are currently no rules and regulations for this digital currency in India. For this reason investing in Crypto is considered a risky move. Few private players are engaged in Crypto currency business at their level. With no regulatory body or appropriate rules in place, this investment is viewed with suspicion. You cannot approach any court, nor can you file a complaint with the police, if something goes wrong.
At present, Crypto business is neither legal nor illegal in our country. However, the exercise of enacting laws and regulations has begun at an elementary level. It is expected that in the upcoming Union Budget, the government may issue some guidelines regarding this type of transactions or investment. To discuss all the aspects, a meeting of the Standing Committee of Parliamentary on Finance is scheduled to be held in Delhi on Monday, 15th November, in which operators of Crypto trading firms have also been invited. After knowing everyone’s opinion, the government will consider creating a legal framework in this area.
A recent survey has revealed that youngsters under the age of 24 do not believe in investing in Crypto currency. After the bitter experience of the Corona epidemic, they have started saving money. Instead of spending money, young people prefer to save money in the bank or at home. However, earlier it was just the opposite. Talking about income, there is a huge gap between the rich and the poor in the world. The worrying thing is that this gap is increasing continuously. In the current financial year, 10% of the world’s population had 76% capital and 52% income.
According to the Global Inequality Report-2022, this year, 50% of the world’s population had only 2% of capital and 8% of income. The report also revealed that the high-income groups are hugely responsible for climate change. The high-income 10% of people emit 50% of the Carbon in the Earth’s atmosphere, while the low-income 50% emit only 12% of the Carbon. That is, people with high income live such a lavish life for their luxury, which causes huge damage to the Earth and its environment. Airplanes also pollute the atmosphere.
The gutkha effect: Talking about the pollution in the neighborhood, tobacco and gutkha chewers are no less guilty. By chewing tobacco, they spoil their health, and also spoil the surroundings. When Amitabh Bachchan was criticized for advertising a gutkha brand recently, he returned the money to the brand and quit the advertising. There is a ban on spitting in public places across the country. Despite this, there are people who do not obey the rules. They keep spitting here and there. Due to this, not only the government buildings, but the Indian Railways also suffer. Railways has to spend Rs 1200 crore annually to remove the spit stains. A large amount of water also goes in waste in the process. For the convenience of those spitting after chewing gutkha, spitter kiosks are being set up at 42 stations across India, where pouches will be available, which can be easily kept in the pocket after the use.
One should not invest in Crypto currency until the Government of India has duly issued guidelines regarding this.
Writer is a senior journalist.