Is Cryptocurrency the new future currency of India?

 Is Cryptocurrency the new future currency of India?

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a form of a computerized database using strong cryptography to secure transaction records to control the creation of additional coins.

There are so many kinds of cryptocurrencies-

  1. Bitcoin Cash
  2. Litecoin
  3. Bitcoin
  4. Ripple
  5. NEO
  6. Cardano

Cryptocurrency

future of cryptocurrency in India
Frankfurt, Hesse, Germany – April 17, 2018: Many coins of various cryptocurrencies

In India, the government threats by a ban however transaction volumes are expanding. There are almost 8 million investors with a hold of 100 billion rupees in crypto investment. Whether the fate of the cryptocurrency segment is still unknown for so many peoples in India. On 6 May The Finance secretary SC Garg Suggested not prohibiting but regulating cryptocurrencies.

Recently, In March 2021, the government made it compulsory to disclose investments in companies. It Is believed slowly the sentiments are in favor of cryptocurrency which is building in India. But the question is in which form cryptocurrency will be acceptable for Indian law. Wherever the Good news is the discussion about cryptocurrency is even not over in the head of peoples. There is an Uncertain Future of cryptocurrency in India. In this march 2021, The government of India has announced they will create a bill for sovereign digital currency and will ban all private cryptocurrencies. Jasdeep reddy said, “Blockchain is a fundamentally disruptive technology and a universal ledger, If It will regulate properly cryptocurrency can save a lot of time and transaction costs, which currently are as high as 4 to 5 for the cross border remittances”.

Future Of Crytocurrency In India

India spends a lot of assets for taking care of its currency and the RBI will be extremely mindful so as to guarantee that it won’t have any back left, and it will prompt a rupee devaluation. India needs an effectively thought out a regulatory framework that works with the transparency.

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