The alarming rise of use in banned bitcoin (digital currency) in our country is wreaking havoc as bitcoins are commonly used for money laundering, online gaming transactions, drug and arms trafficking and even militant financing.
According to law enforcement agencies, bitcoin is required to play some foreign online games. A large part of the young generation is playing those games without knowing the consequences. Bitcoins are also traded for various things including TikTok, Likee, Streamkar dating apps.
Bitcoin or other virtual currencies are transacted
online through digital wallet, which is
totally illegal and cannot be traced
Now government has not allowed the use of bitcoin or cryptocurrency as it is still not popular among the SAARC nations. Bitcoin or other virtual currencies are transacted online through digital wallet, which is totally illegal and cannot be traced. That is the reason why it is still illegal here.
Many prople in our country are still interested in making cash transaction and Bitcoin largely using digital devices. In this modern era of digitalisation, many countries are premising transactions through various virtual currencies. However, in our country it is still not legitimate. Various virtual currencies such as bitcoin will be the key mode of transaction in the future as the e-commerce sector is rising rapidly. In that scenario, our freelancers may fall behind in getting more tasks because of mode of payment or the lack of it. Virtual currencies can also help to increase foreign direct investment in the country and make our economy more versatile and open. This will ultimately enhance the country’s economy and increase foreign investors' confidence in investing here.