When it comes to the future of CryptoCurrency in India, there isn’t much information about what’s coming next in the world of crypto money. However, this doesn’t have to be the case for you.
Here are some essential factors that need to keep in mind. Upgradations in technology are revolutionizing the Crypto Currency market, and it has led to the birth of new cryptocurrencies that provide more recent developments and increased privacy and security.
Today, CryptoCurrency is playing a crucial role in online investment. CryptoCurrency is causing a lot of controversies and challenges in the financial market.
Some countries are considering Crypto Currency as illegal. Cryptocurrency like Bitcoin, Ethereum, ripple etc., is growing very fast worldwide. India is a country where people do not know about Cryptocurrency. Still, probably in the coming time, it will play an essential role in the economy of India.
What is Cryptocurrency?
For the past couple of years, cryptocurrencies have become a hot topic. I could understand that because it’s something new and revolutionary. We can all agree that Crypto Currencies play a significant role in the evolution of this world economy.
Cryptocurrency is an emerging type of currency that works on the Internet, and it is also known as virtual cash. It is a decentralized currency that does not rely on any central authority to govern it, and it is created by mining and exists only on the Internet.
Why is Cryptocurrency Essential?
There are many reasons one should know about the future of Cryptocurrency. Still, the most important of these reasons is that this currency will be a part of our daily life. It has considerable potential as internet money and people are already beginning to invest in it.
To maintain anonymity, the mining and trading of Cryptocurrency are untraceable. Since the demand for online financial transactions remains very high in India and is still on the rise, more and more Indians may likely turn to Cryptocurrency. People who have invested in Cryptocurrency will be able to keep their money secure and anonymous.
Cryptocurrency is likely to bring about a drastic change in the way we spend and manage our money. Imagine sending or receiving money from anyone across the globe or paying for services or goods in an entirely untraceable manner. That sure sounds like a dream come true!
The Future of Cryptocurrency in India?
A few countries are impressive in terms of their goal to become Cryptocurrency-friendly, like Australia, Canada, and Japan. All these countries have a legalized framework for crypto exchanges and ICOs, which have given them a competitive edge in the crypto sphere. The future of Cryptocurrency in India seems to be quite promising.
The country has recently declared it legal and that too is a step towards implementing the technology of Blockchain. There are reports of various financial giants and banks testing multiple Blockchain solutions and applications.
Cryptocurrencies in India have been facing a lot of criticism.
In the past few months, BitCoin and other Cryptocurrencies have come under heavy scrutiny for their volatile nature. However, the government has recently stepped up to bring BitCoin and other Crypto Currencies into the mainstream. The government is not ready to sit by and watch while BitCoin and other Crypto Currencies are being under-utilized in the country. After half a decade of debate, it seems like they have finally decided to bring it into the mainstream.
The Indian government has created new rules to define Crypto Currencies and their use in India. With these rules and the launch of a unique institution, the future looks bright for BitCoin and other Crypto Currencies. The Indian government is taking the initiative to integrate Crypto Currencies into mainstream commerce.
This implies that the government has a positive stance on this matter. The move can be seen as a step towards maturity for the Cryptocurrency market in India. Recently, they have decided to tell the Central Board of Direct Taxes (CBDT) to look into the possibility of harnessing Cryptocurrency for financial purposes.
It looks like the government’s new institution is prepared to play a massive role in developing the BitCoin and other Blockchain-based technologies of the future. India’s central bank has also promised that they will soon be launching their version of BitCoin. But their version will be legal tender, which means you cannot use it outside of India or as a form of payment. Since there is still a lot of debate about whether or not Cryptocurrency is legal, this is a massive move for them.
These rules will bring more legitimacy to Cryptocurrency, attracting investors and start-ups. The Indian government has taken a positive step towards the future of cryptographic technology. We’ll have to wait and see how it reflects on Bit Coin’s User Base in India.
If the government makes it easy for people to use Cryptocurrency then the typical person in India will gain from all of this. This can only lead to more adoption, and BitCoin and other Cryptocurrencies will soon become popular not just in India but in the whole world.