Hindi English Translation || Editorial || Regulation, not ban: on cryptocurrencies

Regulation, not ban: on cryptocurrencies

India should regulate (विनियमन, पर्यवेक्षण, देखरेख) trading of virtual currencies through monitored exchanges

Eight years after the RBI issued its first advisory (सलाहकार, उपदेश पूर्ण) cautioning holders of virtual currencies about the potential (संभावित, क्षमता, संभव) financial and security risks, and two years after drafting a Bill (A Bill is a draft statute that becomes law after it is passed by both the Houses of Parliament and assented to by the President. All legislative proposals are brought before Parliament in the forms of Bills) to ban cryptocurrencies, the Government is set to (start doing something vigorously) introduce legislation (विधान, कानूनों, अधिनियमों) that would, if passed (पारित होना, उत्तीर्ण होना, स्वीकृत करना), officially proscribe (प्रतिबंध, देश से निकालना) such currencies. Its concerns appear to be the risks associated with cryptocurrencies, including their potential use for money-laundering (a secret act of moving illegally acquired funds into legal bank accounts or investments) and financing of illegal activities. The risks investors and consumers face in dealing with these so-called (तथाकथित, माना, आरोपित) currencies, given (दिया गया, विचार करना, ध्यान में रखना) that they are neither ‘a store of value nor are they a medium of exchange’, and the ostensible threat they pose (constitute, present, create, cause (a problem or danger or risk)) to financial stability (वित्तीय स्थिरता), are also key factors. Prime Minister Narendra Modi had in a video address (speech, talk, discourse) to the Sydney Dialogue earlier this month said: “It is important that all democratic nations work together on this [cryptocurrency] and ensure it does not end up (समाप्त करना, अंततः करना) in wrong hands.” The Centre and the RBI’s deep (गहरा, तीव्र, गंभीर) disquiet (बेचैनी, अशांति, चिंता, परेशानी) with cryptocurrencies notwithstanding (although, in spite of the fact that, despite the fact that, even though), there has been an exponential (rapid, quick, fast) jump (rise, increase, upturn) in investment in virtual (virtual money; a type of unregulated digital currency) currencies, especially after the Supreme Court last year struck down an RBI notification barring (ban, prohibit, forbid) financial entities from facilitating (आसान कर देना, संभव बनाना, सक्षम बनाना) customer transactions related to virtual currencies. Industry estimates now peg cryptocurrency holdings (possessions, belongings, valuables) in India at about ₹40,000 crore, held by about 15 million investors, and advertising trends show an upsurge in ads promoting brands associated with investment in virtual currencies.

That the ground has shifted since an Inter-Ministerial Committee (an committee existing between all concerned ministries/departments to meet and deliberate to address particular issue) set up to study the issues related to virtual currencies first proposed the ban in 2019 is beyond doubt (संदेह से परे, अनिश्चितता). From the emphatic (ज़ोरदार, स्पष्ट, निश्चित) assertion (declaration, announcement, assurance, attestation, affirmation) in that panel’s report that “no country across the world treats virtual currencies as legal tender” to a situation where earlier this year El Salvador — admittedly (actually, truly/verily, indeed) a small and heavily indebted nation — officially declared ‘bitcoin (a type of digital currency (cryptocurrency))’ as legal tender, much has changed in the adoption of private virtual currencies worldwide. The pandemic has accentuated (highlight, underline, focus attention on) the global embrace (welcome, acceptance, approval, adaptation, support) of all things digital and investment in the technologies enabling (allow, permit, facilitate) cryptocurrencies including blockchain (a technology by which a global network of computers jointly manage the database that records Bitcoin (a type of digital currency) transactions), appear to be no different. Canada, Japan and Thailand permit the use of virtual currencies as a payment method, with some jurisdictions regulating them as a digital asset (digital assets are digital representations of values that are not issued or guaranteed by a central bank or public authority and do not have the legal status of currency or money. They are accepted by natural or legal persons as a means of exchange or payment or are used for investment purposes and can be transferred, stored and traded electronically), and others as a commodity. Canada and the U.S. closely monitor virtual currency activity to ensure they do not run afoul of laws on financial crimes, with the former also earning tax revenue on transactions. All things given, India should eschew (reject, avoid, deny, abstain from, refrain from) the temptation (desire, urge, impulse, inclination) to join China in proscribing virtual currencies and instead aim to tightly regulate their trading through monitored exchanges and earn revenue. Simultaneously, it should expedite (speed up, accelerate, step up, quicken) the RBI’s pilot of the Central Bank Digital Currency (In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a “retail CBDC”), or between financial institutions to settle trades in financial markets (a “wholesale CBDC”)) so as to offer an alternative to cryptocurrencies.

Courtesy: The Hindu

Important Word List With Meaning

1.regulation (noun)

Hindi Meaning - विनियमन, पर्यवेक्षण, देखरेख
English Meaning - supervision, overseeing, monitoring, inspection; control, direction, guidance.

2.advisory (noun)

Hindi Meaning - सलाहकार, उपदेश पूर्ण
English Meaning - official communication, press release, bulletin, message, missive, statement, report, notification, announcement.

3.potential (adjective)

Hindi Meaning - संभावित, क्षमता, संभव
English Meaning - possible, likely, probable.

4.legislation (noun)

Hindi Meaning - विधान, कानूनों, अधिनियमों
English Meaning - body of laws, acts, rules, regulations, statutes.

5.pass (verb)

Hindi Meaning - पारित होना, उत्तीर्ण होना, स्वीकृत करना
English Meaning - approve, vote for, accept, ratify, enact.

6.proscribe (verb)

Hindi Meaning - प्रतिबंध, देश से निकालना
English Meaning - ban, prohibit, forbid (by law).

7.so-called (adverb)

Hindi Meaning - तथाकथित, माना, आरोपित
English Meaning - supposed, alleged, presumed, ostensible.

8.given (preposition)

Hindi Meaning - दिया गया, विचार करना, ध्यान में रखना
English Meaning - considering, taking into account, bearing in mind.

9.financial stability (noun)

Hindi Meaning - वित्तीय स्थिरता
English Meaning - financial stability is a condition where the financial system is able to withstand internal or external economic shocks and also able to smoothly conduct its core tasks.

10.end up (phrasal verb)

Hindi Meaning - समाप्त करना, अंततः करना
English Meaning - come/appear, find oneself (to a particular course of action in the end).

11.deep (adjective)

Hindi Meaning - गहरा, तीव्र, गंभीर
English Meaning - intense, profound, serious.

12.disquiet (noun)

Hindi Meaning - बेचैनी, अशांति, चिंता, परेशानी
English Meaning - worry, uneasiness, distress, concern.

13.facilitate (verb)

Hindi Meaning - आसान कर देना, संभव बनाना, सक्षम बनाना
English Meaning - make easy, make possible, enable, assist, help/aid.

14.beyond doubt (phrase)

Hindi Meaning - संदेह से परे, अनिश्चितता
English Meaning - without uncertainty/question/apprehension/second thought.

15.emphatic (adjective)

Hindi Meaning - ज़ोरदार, स्पष्ट, निश्चित
English Meaning - clear, definite, firm, decisive.

16.Bill (noun)

English Meaning - A Bill is a draft statute that becomes law after it is passed by both the Houses of Parliament and assented to by the President. All legislative proposals are brought before Parliament in the forms of Bills.

17.set to (phrasal verb)

English Meaning - start doing something vigorously.

18.cryptocurrency (noun)

English Meaning - a type of digital currency.

19.regulate (verb)

English Meaning - control, oversee, govern, monitor something (by using rules and regulations).

20.virtual currency (noun)

English Meaning - virtual money; a type of unregulated digital currency.

21.virtual (adjective)

English Meaning - performing a task with the use of computer, especially over a network.

22.money laundering (noun)

English Meaning - a secret act of moving illegally acquired funds into legal bank accounts or investments.

23.ostensible (adjective)

English Meaning - apparent, seeming, alleged, purported.

24.pose (verb)

English Meaning - constitute, present, create, cause (a problem or danger or risk).

25.address (noun)

English Meaning - speech, talk, discourse.

26.Sydney Dialogue (noun)

English Meaning - The Sydney Dialogue is an initiative of the Australian Strategic Policy Institute. It is an annual summit of cyber and critical technologies to discuss the fallout of the digital domain on the law and order situation in the world. The Sydney Dialogue was being held from 17-19 November, 2021.

27.fall into the wrong hands (phrase)

English Meaning - If something falls/ends up into the wrong hands, a dangerous & unfriendly person begins to control it.

28.notwithstanding (conjunction)

English Meaning - although, in spite of the fact that, despite the fact that, even though.

29.exponential (adjective)

English Meaning - rapid, quick, fast.

30.jump (noun)

English Meaning - rise, increase, upturn.

31.strike down (phrasal verb)

English Meaning - abolish, annul, nullify (a law or regulation).

32.bar (verb)

English Meaning - ban, prohibit, forbid.

33.entity (noun)

English Meaning - structure, system, establishment, organization.

34.peg (at) (verb)

English Meaning - fix, set, hold, limit (a price, rate, or amount) at a particular level.

35.holdings (noun)

English Meaning - possessions, belongings, valuables.

36.upsurge (noun)

English Meaning - sudden increase or rise of something; jump, upturn.

37.shift one’s ground (phrase)

English Meaning - to change one’s opinion.

38.inter- (prefix)

English Meaning - between.

39.Inter-Ministerial Committee (IMC) (noun)

English Meaning - an committee existing between all concerned ministries/departments to meet and deliberate to address particular issue.

40.set up (phrasal verb)

English Meaning - form, create, institute, establish.

41.assertion (noun)

English Meaning - declaration, announcement, assurance, attestation, affirmation.

42.legal tender (noun)

English Meaning - money, ready money, cash, hard cash; coins or banknotes.

43.admittedly (adverb)

English Meaning - actually, truly/verily, indeed.

44.indebted (adjective)

English Meaning - owing money to someone.

45.Bitcoin (noun)

English Meaning - a type of digital currency (cryptocurrency).

46.pandemic (noun)

English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

47.accentuate (verb)

English Meaning - highlight, underline, focus attention on.

48.embrace (noun)

English Meaning - welcome, acceptance, approval, adaptation, support.

49.enable (verb)

English Meaning - allow, permit, facilitate.

50.blockchain (noun)

English Meaning - a technology by which a global network of computers jointly manage the database that records Bitcoin (a type of digital currency) transactions.

51.jurisdiction (noun)

English Meaning - territory, region, area.

52.digital assets (noun)

English Meaning - digital assets are digital representations of values that are not issued or guaranteed by a central bank or public authority and do not have the legal status of currency or money. They are accepted by natural or legal persons as a means of exchange or payment or are used for investment purposes and can be transferred, stored and traded electronically.

53.fall/run afoul of (phrase)

English Meaning - get into trouble, come into conflict with, go against (by not following rules/standards).

54.all things considered/given (phrase)

English Meaning - all things considered, considering everything, all in all, on the whole, taking everything into account, taking everything into consideration.

55.eschew (verb)

English Meaning - reject, avoid, deny, abstain from, refrain from.

56.temptation (noun)

English Meaning - desire, urge, impulse, inclination.

57.expedite (verb)

English Meaning - speed up, accelerate, step up, quicken.

58.pilot (noun)

English Meaning - experimental, trial, test, sample, model (scheme/project).

59.Central Bank Digital Currency (CBDC) (noun)

English Meaning - In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a “retail CBDC”), or between financial institutions to settle trades in financial markets (a “wholesale CBDC”).

60.so as to do something (phrase)

English Meaning - in order to do something.