The phase for India is to indicate some affection to Bitcoins
Bitcoin transactions are among other purposes, have occurred in India in the meantime the inception of the leading cryptocurrency in 2009. But as its use developed more extensive, it was met with suspicion and hostility from governing bodies like the RBI, mainly in 2018. On the other hand, the situation could not be sustained for too long.
Central Banks all from one place to another the world had been distributing their cryptocurrencies — some of them acknowledged them to be permissible tender and the rest took a wait-and-see approach.
Remaining to global developments in favor of cryptocurrencies, an obligation to defend human rights and on the foundation of proportionality, the Supreme Court overturned the 2018 ban on the crypto-asset interchange in March 2020.
But there are other motives why Indian authorities ultimately had to allow the growing popularity and public demand for the cryptocurrency and bitcoin industry as well. Virtual currencies permitted millions of Indians to contribute to the global network of cryptocurrencies.
They made transactions for Indians to any part of the sphere quicker, simpler and more cost-effective and permitted Indians to make well-versed selections on investing in one of the world’s maximum performing assets. While in 2020 many businesses crumbled, the crypto industry shaped thousands of jobs and assisted employees maintain their jobs and upskill.
The cryptocurrency industry is consequently here to halt and it is vital to facilitate its advance, particularly in the economic downturn taken about by the pandemic.
The RBI, along with SEBI and the government of India, should contemplate working out its regulatory powers and come up with a new, standardized framework or regulation that recognizes the realism of these technological advancements. We must take this chance to keep India on the front foot with other primary global economies and stakeholders and investors of the connection in the business.
CBW - External Analyst