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The need Bitcoin bitcoin and other cryptocurrencies to India

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Shivangi Mujumdar Follow

INDIA

Jan, 05 2021

Jan, 05 2021

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With Bitcoin and cryptocurrencies creating a buzz across the globe, there is no doubt that it is one of the most desired currencies right now. It has even managed to hit the value of $22000 which is incredible and quite in demand as compared to gold. Be it the blockchain technology, Cryptocurrency-based payment card, against cryptocurrency, cryptocurrency-based banks, or interest on crypto deposits there are so many options coming up today for a better investment. It is quite obvious for people to wonder whether it is worth the returns or not. Even a country like China has led the exchanges of cryptocurrency to flourish which is now the hub of the largest number of blockchain start.


What is Ban All About?

However, if we have a look at India, well the initial enthusiasms for such currency have led to skepticism. Even RBI has tried for strangulating the system by not letting the payment entities and even banks deal with the cryptocurrency exchanges. Although SC has kept the RBI order this year, now there are people who have been talking with the government to move ahead with the ban. Besides, there seems to be also quite flip flips from the government too.


According to the trend, the development of cryptocurrency and block development walk together. China led the exchanges of cryptocurrency to flourish in a better way. Besides, the government has also digital tools for confirming the identity which makes it a little sense for banking the trade.


The future says something else:

If we have to look at the gaming future, well, it certainly depends on the virtual coin. Even if gaming in India is not at a much-developed stage, but it is pressing faster and people are spending quite amount on gaming as they ever must have done earlier. Industrial growth is also considered on the ecosystem development that will not be complete if there is no right payment mechanism. Banning is not the solution since it gives the government a free hand for the big companies to create their own assets, Once the market opens up then it is not possible for the government has huge control over the market.


There is still scope for the government to be in dealing terms with the development of crypto. But for this, it is important for them to understand the working of the market otherwise it will not be able to assume the regulator role suddenly.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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