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Cryptocurrency and its future in India.
Cryptocurrency and its future in India – India is a young country with a population of 125 Crore. By Young, I did not mean that India is 70 years old, but a nation with youth as its biggest strength. It can be referred to as China when they were in the same situation when it was going through in the years of 1970s.
With the same calculation, India has huge potential. I truly believe that by the time 2030 is here, China would get an average age of 38 years which will let open all the opportunities for India to rise.
Cryptocurrency has emerged for today’s generation to make its utility. The blockchain is already the new topic for the next decade. It will soon be going to change our lifestyles like never before. It still has a long way to reach but it is not far from achievable.
We have all seen how quickly the acceptance of Cryptocurrency has risen across the world in the last 3 4 years.
India is a humongous nation with billions of people and it is getting revolutionized towards technology. It has just started to realize the potential of blockchain and already some companies in India have adapted to it.
I would certainly not be surprised if any of India’s backed currency is leading the world crypto market after two years.
A very interesting fact said the Innovation Rate of India(In Geographical Boundary) is 0.03 as compared with the world. Whereas the Innovation rate of Indians is a whopping 34% which completely outcasts all the other countries. A cryptocurrency is a place for innovation and innovators.
In my point of view, Cryptocurrency has both positive and negative sides
Negative: Not yet approved by Indian Govt but Govt said we need to analyze it before approval.
Positive: Approved by Japan Govt, China is planning to adapt ethereum technology, Russia is planning to create its own crypto, the US is positive about it. Hence the decision from other nations will definitely influence the Indian Govt, we are just waiting on how to go about it as this is something very new to India.
Negative: Bitcoin price is very high, whichever day it is and it will always be high. In India, the exchanges charge high fee + GST. Hence the prices in India are higher than the usual prices in other exchanges operating around the world.
Positive: 1 – This is the best part that you don’t have to buy full bitcoin. It can even be half quarter, or even in small digit
2 – There are hundreds of digital currencies, but everyone focusing on bitcoin. Reason, it was and it is a hot coin, Japan banks are interested in Ripple, and why not, it is the third most bought coin in the world and also it is the cheapest among top 4.
At the end, everything based on Indian Media. Any continuous article or news can lead people to the crypto world.
What is the future of Cryptocurrency in India?
Of course, the future of Cryptocurrency in India will be great. If you look at the government, it is already forming up a law to look for a way around. It is also profitable for the government as they will be able to increase their taxing income from the consumer.
When Govt will go through the details of all the transactions that take place in Cryptocurrency. There may be a little downside in terms of price and from there onward, the second curve of cryptocurrency market will start.
It will then become humongous as the consumer market is growing day by day, when it comes to digital money and here in India you know how much population we are living together with.
India is largely populated and it is a developing country. It has much potential and many buyers are waiting for the government nod for the sale and purchase of cryptocurrencies. Take it as an example of Dubai, which has already granted a license to the cryptocurrency firms.
Capitalism exists largely in between but has led companies, countries, and establishments forward to a large extent.
I believe that at this moment – more than the cryptocurrency having a future in India, Cryptocurrencies have a better future all around the world.