Future of Bitcoin in India
Dec 06, 2017 Posted / 10011 Views
Bitcoin regulation is the buzzword in the developing economic market of India. With over 60% global dominance, Bitcoin is currently the world’s largest cryptocurrency and has done wonders to win over the trust of people and investors across nations. And, in fact, stamping its authority, a few days back, crossed the mark of $10,000.
R. Gandhi, the retired Deputy Governor of the Reserve Bank of India, in the month of March this year, at the Fintech Conference said Bitcoin has immense potential to overtake the country’s currency.
The Government Is Taking the Idea of Cryptocurrency Seriously.
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In the last couple of years, government by virtue of internal research, committees, and various independent are conducting proper survey and research regarding the future of cryptocurrency in India. The Governor of the Reserve Bank of India, in a keynote, released, digital currencies will get much better with time, both safety and investment wise.
Reportedly, Bitcoin was unleashed in India, in the year 2014, since then, several global studies suggest Bitcoin is not illegal currency. However, there are serious concerns over the anonymity of usage and current regulations in the country.
At present, Bitcoin in India is defined as a kind of a virtual money not adhered by the government or federal agency. Bitcoin is no hard cash, instead, it is kept in a digital wallet. The transaction that takes place between the sender and receiver are verified and recorded in the Blockchain ledger. The blockchain is an open-source ledger that keeps a record of every transaction that takes place via the Bitcoin currency.
In Indian malls, A.T. Kearney, released more than 90% of transactions take place via cash, but the demonetization policy by the government lead to decrease in the paper currency usage. In a nutshell, in the recent years, India has become a perfect society to be at the forefront of welcoming the positives of cryptocurrency economy.
As per the last report published by the Reserve Bank of India, 40% of Indians don’t have bank accounts. This could prove to be that much-needed kick cryptocurrency and the Blockchain technology to make a mark in the Indian economy. With technology reaching every household across the nation. Savings can be made cryptocurrencies to areas where brick and mortar physical banks cannot be operated. Yes, his views are great, this indeed would be a blessing for Naxal dominant regions.
With the emergence Bitcoin a year or two in India, there was heavy criticism from a massive section of people, suggesting it is not a safe and secure. However, over the years, this world's largest currency has proved to highly secure from hacking and scams. Bitcoin boost robust security, owing to it underlying technology, Blockchain. It is an open-source shared ledger over the complete network that verifies and note down every Bitcoin transaction. Here, entry once made cannot be edited or deleted. Even the cyber attacks are not possible because of the inherent characteristics of the Blockchain technology. This is how Bitcoin scores high on the security front.
As stated earlier, even though the Jan Dhan Yojana is fair from reaching every home, the Bitcoin can help to help field by integrating with secure Payment like the BHIM, Aadhar Pay, and more. This brings India’s population into the global economy frame.
The top independent payment platform operative in India charge quite high transaction fees, which in some ways is pushing India back from becoming a decentralised currency. This is where Bitcoin currency can come into play, since, its transaction charges are low, it has the credential to be widely accepted merchants-, be it the e-commerce industry or the physical commerce landscape, Bitcoin can be embraced for a better digital future.
All the Above throw light on one thing that RBI should regulate the Bitcoin currency, as it will help Bitcoin to reach every home with an aura trust and confidence.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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