India And Cryptocurrency: A Complicated Relationship

India has a very complicated relationship with cryptocurrencies, and this makes the Bitcoin Future uncertain in India. Bitcoin and other digital currencies are seen with suspicion her and the Government of India is yet to verify it as a legitimate mode or transactions. Countries like Japan, Russia, China, and the USA have accepted cryptocurrency as a legal entity and have made rules and guidelines sounding its use. If India truly wants to embrace the digital lifestyle and accept the digital revolution in all its forms, then it must take Bitcoin and other digital currencies seriously.

The Indian Government’s take on Bitcoin

In April of 2018, the Indian government banned the banks from trading in cryptocurrencies. Bitcoin is a currency that is open source and is not managed by a single entity. It allows anonymity but at the same time, the blockchain system is such that the privacy of those trading in Bitcoin is preserved. Many countries like Argentina are already trading activity in Bitcoin.

The idea of a state-run Bitcoin Rupee

According to the Indian government’s policy plan on digital currency, it is being suggested that a national cryptocurrency called BitcoinRupee should, to replace Bitcoin and other kinds of cryptocurrencies present on the internet. According to experts, this is not a good idea both in terms of policy, practicality, and logistics. The first and most important problem with this proposal is that India, as a developing country that has a great digital divide, does not have the infrastructure needed to build its state-run cryptocurrency. Another hurdle is the lack of technicians and engineers in India who can make a currency like Bitcoin. This digital currency will be made only if a private entity decides to support this plan by investing heavily in it.

What are the advantages that people can have form cryptocurrency?

There are many advantages associated with the use of cryptocurrencies. The market cap of cryptocurrencies is increasing day by day; bitcoin is the most demanding cryptocurrency in the world. If you have never purchased any bitcoins, then it is time to buy some bitcoin because this digital currency is becoming valuable rapidly. Bitcoin Trader can earn a lot of money by investing at the right time bitcoins. For you, Ether also can be a good option; even it is the second most famous cryptocurrency after bitcoin

Advantages of cryptocurrency

We need to remember that any government does not authorize cryptocurrencies, but it can’t be faked because it is in digital form. These are some advantages of cryptocurrency.

  1. If a person is thinking of buying any property, then there will need to have a third party like notary and lawyers, but in the case of cryptocurrency, there is no need to have any middle man. If you purchase bitcoin, then the directly bitcoin will be invested into your cryptocurrency account. When you are thinking of selling currency, then also you will need to go with the same procedure.
  2. Bitcoin Trader can make the transaction of cryptocurrency in minimum charges. Usually, when a person makes the transaction of authorized currency, then the transaction process incurred a considerable cost, but in the case of cryptocurrency, it is low. We can say that a bitcoin holder will bear the zero fees for the transaction.
  3. In the case of cryptocurrency, you will not need to think about any theft. When we buy something and go for payment with a credit card, then we need to accept the payable amount option that may open our information to others. Still, in the case of cryptocurrency Bitcoin Trader will send only the amount that will be paid.

These are some benefits of cryptocurrencies, whatever the digital currency you are using, you will gain these benefits.