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Jaitley’s birthday amid alleged DDCA scam

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New Delhi: BJP leader and Finance Minister of India Arun Jaitley turned 63 today. One of the most important figure in Indian politics as this moment, Jaitley is facing controversies in the alleged case of corruption in DDCA.

Arun Jaitley was the head of the DDCA from 2000 to 2013. His own party member Kirti Azad brought to light the issue for which he was suspended from the party next day.

The committee made by the Delhi government, however, did not name Jaitley in its 237 page report. BJP is demanding an apology from Arvind Kejriwal to malign the image of the finance minister, but the AAP is not ready to let this issue go.

Arun Jaitley, once a student leader for the ABVP, is an esteemed politician. His importance for the BJP can be understood from an example from the 2014 Loksabha elections: even though Jaitley lost the election, he was given two of most important ministerial posts, finance and defense.

Jaitley always has had respect as a leader, but this DDCA controversy will prove the sternest test of his political career. The PM said that he has full confidence that ‘Jaitley will pass with flying colors.’

An SRCC alumni and a lawyer by profession, Jaitley is credited for a lot of election success like the 2002 and 2007 Gujarat assembly elections.

The recently concluded winter session saw opposition demanding the resignation of Arun Jaitley.

BJP leader filed a defamation case against the Delhi CM Arvind Kejriwal last week. Media termed the whole controversy as Jaitley vs Kejriwal.

The best birthday gift for Jaitley would be to get his name clear in the DDCA corruption issue.

In a coming day and the coming year, Arun Jaitley might need a lot of defiances that he has shown over decades-long political career.

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Is investing in Bitcoin safe? Get the basics first!

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India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay
India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay

With the fussy mania of Bitcoin going around and past, your eyes and ears, in the news and peer discussions, you must be having some basic questions about it: What is bitcoin? Is it legal? How can I get it? But most of all, you must be thinking, ‘Is investing in Bitcoin safe?’

Let’s find out!

Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched the first app that will trade in bitcoins in India. Wikimedia commons

ALSO READ: Bitcoin Worth Millions Stolen Days Before US Exchange Opens

Clearing the basics

  • Bitcoin is the first ever cryptocurrency that existed, it was invented in 2009 by Satoshi Nakamoto.
  • Cryptocurrencies are nothing but computer codes that have monetary value. No Government has any control over them.
  • Bitcoins ‘self-contain’ their value i.e. there’s no need for any bank to move or store the money.
  • Bitcoin currency is completely unregulated and decentralized.
  • Bitcoins are mined, and they can be mined by anyone in the general public who has a strong computer. However, only 21 billion of bitcoins in total can be mined. Currently, there are around 11 million in circulation.
  • Bitcoin has no underlying physical monetary base to support its value, and it is totally subject to its demand in the market.

What are the risks?

  • Low demand: India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently, the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall.
  • Unregulated: There is no bank or government tax agency that can track your money and its movement. Hence, it can become a tool for money laundering.
  • Irreversible transactions: There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever.
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay

ALSO READ: How can you trade in Bitcoin in India?

Status of Bitcoin in India

Finance minister Arun Jaitley highlighted in a statement that cryptocurrencies are not legal tender and have no regulatory permission or protection in the country.

However, there was no announcement banning or imposing any curbs on the same. The government panel is also awaiting a report on tackling cryptocurrencies in India, Jaitley said.

The government has recently cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.

“One of the features of cryptocurrency is that there is lack of dependence on the state. It functions with a degree of anonymity. It operates within a virtual community which is created and enjoys the trust of that virtual community,” Finance Minister Arun Jaitley told the Rajya Sabha.

“The government is examining the matter. A Committee under the chairmanship of the Economic Affairs Department Secretary is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken… Instead of taking any knee-jerk action, let’s wait for the report of this committee.” Jaitley added