Puzzle Solved on CryptoGame: IV- Upshot of crypto today, and its future in India.
Crypto Game 4.0:
In the last part of our Crypto Blog, we will cover the most important question, about the usage of Cryptocurrencies in India in the coming years.
Earlier hesitations and assumptions about the Cryptocurrency trade in India have declined gradually. Also, there has been a change of opinion by Indian lawmakers and regulators, who are now inclining their sentiments toward the adoption of cryptocurrency.
As many reports have suggested, transactions on bitcoin and cryptocurrency have heightened remarkably in the last year.
What really did wonders for the crypto trade in India was the lifting of the ban by the Supreme Court. The apex court of India further made favourable statements about the trade of virtual currencies. No defect, whatsoever, came to notice regarding the crypto trade.
Nowadays, banks have launched new and effective techniques to shield their security with the advent of Bitcoin and Ethereum trading. Several banks that support cryptocurrency transactions are increasingly taking to artificial intelligence integrations in their infrastructures to keep frauds and cyberattacks at bay and keep investors happy.
Another factor that plays a vital role in the Cryptocurrencies integration in India is the pandemic. Now the contactless transactions have become a norm. Moreover, the new medium to make money from home appeals to everyone.
What will be the new step for Cryptocurrencies in India?
Recalling a statement of the 2018-19 Budget discussions, which did not deem cryptocurrency as a legal tender. Apparently now the position has somewhat changed. Priyanka Chaturvedi, a Rajya Sabha member, struck a discussion on the cryptocurrency bill introductions in India.
Still, the picture remains unfinished.....
Despite the rise in crypto trading in India, there are some areas that pose challenges ultimately. The Indian Market is still bereft of substantial knowledge about virtual currencies and their trade, which causes apprehension in their minds. Banks have not acknowledged the Cryptocurrencies altogether, even after the Green signal from RBI.
Arguments still remain incomplete, till any strict ordinance, regulation, bill, or resolution is not issued. All things considered, the Government, Supreme Court as well as the RBI have accorded the Banks and financial institutions the privilege to decide on the usage of Virtual Currencies.