December 13, 2021

Cryptocurrency Future In India, Will The Country Accept It Or Not?

By Sona Mathews

Putting restrictions on the regulation of cryptocurrency is a burning topic worldwide.

Undoubtedly, the Crypto business is skyrocketing over time and providing the world with a globalized platform to trade and earn profit.

All the other online trading are gone or going to obsolete shortly as per the prediction of the professionals.

Cryptocurrency Future In India, Will The Country Accept It Or Not?: eAskme
Cryptocurrency Future In India, Will The Country Accept It Or Not?: eAskme

Digital currencies are trendy but have some disadvantages as well.

But if this industry is this booming, why does banning it arise? Some loopholes can be exploited and can prove detrimental to the long-term welfare of a particular nation.

One school of thought favors virtual currency by saying it is a secure platform with more user interest. It allows excellent flexibility and minimum charges on day-to-day transactions.

While other communities oppose it by stating that there is no sign of trust in any organization if it is not run or handled by the regulatory authorities.

So what we should do? Ban it?

No, we need a set of protocols for the smooth working as we cannot deny that all and sundry are making good profit and helping in booming the economy.

Why The Question Arises Of Banning Cryptocurrency?

The major problem of the digital currency is that they are blind, which is no denying a plus point for the traders but look at it as a point of view of government.

As blockchain technology does not allow anyone to know about the content, amount, or any other type of information, which is bothering the government, as a recent audit by Germany states that more than 60% of illegal activities are performed with the help of cryptocurrency.

Cryptocurrencies are unregulated, which leads to some criminalized activities.

Cryptocurrencies like Monero are so famous for such activities.

Monero is still being used for many illegal activities as it has a private blockchain.

So, here the government should introduce new regulations to take cryptocurrency under their hands to prevent the general public's welfare and fulfil national interest.

Apart from this, one more thing that disturbs the government is that digital currency is very volatile; the value fluctuates. Due to this, market stability becomes an arduous task.

How Banning Cryptocurrency Would Be a blunder For Common People?

Recent reports by the Indian financial and foreign ministry state that Indian investors share 5.2 billion USD dollars in the cryptocurrency industry, and banning it will be suicide bombing for Indian authorities.

There is a misconception that the government of India is going to ban cryptocurrency; the answer to this is no.

They are just figuring out new ways to handle the regulation of cryptocurrency.

But, the government will ban billion-dollar industry as it has a massive hand in the foreign exchange of the reserve bank of India (RBI).

Another thing is, what if other nations start accepting cryptocurrency and India banned it.

Then, our country will take be able to take advantage of globalization, and national income will get affected.

The tension between the borders of China and India will not allow India to take any foolish step from which India's gross domestic product gets compromised.

So What Are The Ways Out For Government?

A general guide for the functioning of cryptocurrency is required with minimum compromises with the users' privacy.

If the government earns the trust of the general people, they should introduce a significant cryptocurrency, which will be a master move by the government.

But the thing is, if government start regulating cryptocurrency.

Then the primary benefit of cryptocurrency, which is user secrecy, will vanish. Major crypto firms in the market sell their tender by claiming it as a secure and private mode of transaction.

So yes, privacy will get holes but not a centralized network.

So, guys, crypto is the future; we cannot deny this, and restrictions will negatively affect the worldwide financial market.

It is a revolutionized way of buying and selling anywhere globally and anytime. So wait, virtual currency is a relatively new tender, and it will take some time to get into its perfect model.   

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