Consequences of cryptocurrency

There’s no formal regulation on cryptocurrencies in India so far . The Centre has been working on crypto regulatory framework since 2019 but is yet to introduce a bill. The central bank has always maintained a strong stance against private digital currencies.

Cryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA) . In practice, this means that cryptocurrency exchange service providers must register with FinCEN, implement an AML/CFT program, maintain appropriate records, and submit reports to the authorities.

The Reserve Bank of India (RBI) and the union government have not given any sort of recognition to cryptocurrencies and, therefore, they are not legal in the country right now , the minister of state for finance, told reporters in Indore.

Option 1: Create your own blockchain and native cryptocurrency