Cryptocurrency in India

What is the future of cryptocurrency in India?

Is India prone to adapt Cryptocurrency?

As of now, if you see the reaction of leaders, banks and regulatories, you would certainly say that future of ‘cryptocurrency’ is grim in India. The government of India has taken some steps to ensure that noone can buy crypto by paying directly through the account. A few exchanges were opened and most of them are now closing down.

One of them even dared to open an ATM machine in Bangalore for dispensing Bitcoins. That initiative happened to be the reason for the company’s demise, the ATM was seized by the police and arrest warrants were issued against the CEO and other board members of the company.

Read More: How cryptocurrency development can change your business’ destiny?

So we can say for sure that this method of payment cannot be accepted in this country for the next few years. And when it comes to technology, India has always followed the footprints of countries like US, Russia and China. So far, none of these countries has legalized this technology.

Circumventing all the regulations

Off course, there are plenty of ICO projects being launched from the same countries, but there are no regulations over it. Even when it comes to crypto mining, US and Russia host a large number of facilities. China did it too, until the crackdown happened in the year 2018.

But this doesn’t stop Indians from indulging in this technology and taking advantage of the ambiguity of the country’s stand over cryptocurrency. While Indians cannot buy cryptos using the fiat through their accounts, they can buy them using a crypto wallet. And buying or selling crypto has not been banned in India.

There are just a few regulations which you have to circumvent and you can buy or sell Bitcoin and Ethereum easily. And as far as ICOs are concerned, there are various projects which have been launched by the Indians. Only their businesses are registered with some other country.

Global ambiguity over the acceptance

Just like India, most of the other countries do not have clear stand on this technology. There are entrepreneurs in every nation who are trying to make cryptos mainstream, but so far, no government has deemed this technology as a currency. In 2017, everyone was talking about bitcoin because it’s value was sky-high.

Right now, due to its dismal performance, many critics are assured that cryptocurrency will definitely bite the dust in next few years. Noone knows for sure what would happen to bitcoin, ethereum or any other altcoin. However, those who are hopeful are actually crypto a part of their business and spreading it across the globe.

There is not just one but many projects which are using cryptos for payments to their customers. Moreover, the advent of altcoins has enabled various businesses to conduct their transactions very easily. The technology is actually becoming better day by day through the persistent efforts of programmers and developers all around the world.

Comparative analysis with other technologies

There are people who are comparing cryptocurrency with internet as it was also an unreal concept for many. It has been 30 years since the invention of World Wide Web and cryptocurrency is a decade old now. So it would not be really fair to lose all hope in the latter.

Cryptocurrency is definitely a trailblazing concept, it brings a radical change in the way we have been dealing in our assets. But probably, it is too soon to adapt it, the reason for stating  that is the undeniable fact that this technology has also been used for fraudulent purposes. Despite all the bright sides of it, cryptos have been criticized for their involvement in mischievous acts.

They have been used by hackers on numerous occasions and are still their favorite bait when it comes to executing black-hat practices for money-grubbing purposes. These incidents tell that there is still a lot to be done for making this technology safer for usage.

Can you get it for your business?

 However, it cannot be denied that cryptocurrency has been accepted as a groundbreaking fintech solution by many. The way it has been adapted worldwide clearly shows that a considerable number of people who understand business and economics have backed this technology. There have been constant attempts by even the big organization to involve this technology in their working.

And the best part is, it can adapted even by the startups and small businesses who have a limited budget. Cryptocurrency is flexible enough to be deployed on many levels in different businesses. And that’s why, cryptocurrency development services are on the rise everywhere in the world.