Cryptocurrency and it’s future in India Cryptocurrency well it has always been one of the sensitive topics in every economy as this currency is not regulated by the government, so it’s banned in many countries. Today only about 1 in every 1000 people are involved in the crypto space. But now a question arises,
What are the positive points of accepting cryptocurrency?
- The foremost point is that it far away from political influence, so there is no manipulation on the monetary front by any bank or government.
- Crypto serves as the secure form of holding and sharing money.
- The transaction once confirmed cannot be reversed, no matter how powerful the person or entity is but the truncation is always irreversible.
- One can analyze the flow of transaction, but cannot alter it, as no one knows the address of the crypto and are not associated with the account.
- Transactions are performed globally and are confirmed within seconds.
Crypto is always available, it is never closed liked banks. Indian economy is also facing many controversies regarding this however, one cannot deny the fact that the Indian population is very keen to invest in this. Press was released in April 2018 regarding the ban of cryptocurrency. Direct bank transfers were banned, so the exchanges find their way to keep crypto alive in the country. They introduce another way of trading like crypto-to-crypto trading and peer-to-peer trading.
However, the ban did not lay much impact on the public. Bitbns exchange is one of the examples that did not stop it’s trading in India after the issues of government. It works on P2P (peer-to-peer) and has over 62 cryptocurrencies that are paired with INR only. Suppose you want to deposit INR, in this case, you will be matched with someone who wants to withdraw INR using IMP/UPI. You are transferring money to the other user who desires to withdraw it and once both parties confirm, the balance is updated in Bitbns account. 1 % withdrawal tip is paid as withdrawal requests are more than they deposit. Technically money is being transferred from one individual to another individual, so no law is broken; but it is also not a common practice and if a person you are transferring money seems to have acquired his crypto via illegal means and sold it on Bitbns, then you can become accomplice to crime or not is still an unanswered question.
Some other exchanges that deal with INR are Giottus, Koinex, and WazirX. Thus, if you want to buy crypto using INR you can use these exchanges, but remember you are buying from another individual who is interested in selling it. Recently RBI came into highlights as it banned the cryptocurrency trading, according to it, people are investing in cryptocurrency to save their black money as this currency is decentralized and government cannot keep a record of this, but the exchanges like Zebpay, keep records of its users who buy and sell crypto as they first have to verify their identity using Adhar or PAN card. By this government can surely keep an eye on users.
Furthermore, RBI shows the desire to invent its centralized version of Indian Blockchain. When the bill “Banning of Cryptocurrency and Regulation of Official Digital Currency 2019” leaked, the country faced hustle-bustle. Due to this, many crypto exchanges shut down owing to banking chaos and government policies. Mr. Varun Sethi filed an RTI (Right to Information) to RBI. In response, RBI accepted that no committee was constituted to decide to ban a crypto entity from banking. Later on, the sources claimed that the bill was fake and point out a mistake in the bill. The draft bill will now be introduced in Parliament in the winter session. Therefore, the case is adjourned and will now be taken on January 2020.
“You cannot ban Crypto in your country
you can only ban your country out of crypto.”
Crypto is in the urgent need of positive regulations in India. Bitcoin or any other cryptocurrency is the beginning of something great, and currency without government interference is imperative.
Crypto is…………………….A REVOLUTION!!