Fake currency: Parliament should have an open debate

In this session of Parliament, the government is going to make a law on crypto currency. What is this crypto currency? If we say in Hindi or Urdu, we can say, fictitious currency, alternative currency, secret currency, virtual currency, fake currency! Fake words seem the simplest to me. That is why it would be better if we call these six thousand types of currencies like bitcoin, ethereum, altcoin etc. It is fake because it is neither like anything, it is not made of paper like notes, nor is it made of any metal like coins. If anyone is behind this fake currency, it is bitcoin. When it was launched in 2009, its cost was less than one rupee and today its price is more than 65000 dollars. There are currently 20 million bitcoins in circulation all over the world. Their total value is currently estimated at three trillion. It is actually a digital currency, the transactions of which take place over the Internet. Millions of people are engaged in this in India too, because you can become a millionaire overnight. The price movement of this bitcoin and other fictitious currencies comes like a fierce storm.

In a single stroke, a millionaire becomes a cowardice. If this currency is bought more, then its price increases and as soon as its purchase is less, its price sits at the bottom. Last week I had a chance to talk to a young man in Dubai with a crypto currency. At this time he probably has billions of rupees. But he told that when he lived in Paris three years ago, due to this fake currency, his condition had become such that neither he could pay the house rent nor was he left with enough money to eat his favorite food. But now he has become rich again. In other words, this buying and selling of fake currency is no less than a gaming game.

Due to which the Mahabharata happened for the Kauravas and the Pandavas, it is the same game of gambling. People love this gamble because ‘asafetida should not be used for alum and color is pure’! You don’t have to work hard, you don’t have to create anything. You just have to fill the safes while sitting at home. What is this other than bullying? Apart from this, smugglers, thugs, terrorists and criminals take advantage of this fake currency. In the bill that our government is bringing in the Parliament, there is a provision to ban private fake currency, but the government itself wants to get the fake currency issued through the Reserve Bank. Is it engaged in repeating the mistake made at the time of agricultural laws? He should ask countries like China, Russia, Egypt, Vietnam, Algeria, Nepal etc. why have they imposed complete ban on this fake currency? I am sure even BJP MPs will not allow this bill to be passed blindly. All the MPs will run a fierce debate on this.

Shivam Bangwal

Shivam Bangwal is an India-based Entrepreneur. He is the Founder of Successful Startups like Youthistaan, People News Chronicle, Hitchhike TV & Branding Panther. Shivam has done his Master's in Computer Applications.

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