While the government is busy looking to shut down the ‘internet’s currency’, analysts say it’s not a wise decision to make. The investors, The Industry leaders have made their points as to Why India Wants Crypto? Wanna find out? Then, read on.
Why India should not ban cryptocurrencies?
If India follows through on a rumored cryptocurrency ban, it would not be the first time the nation has attempted to enforce currency controls. However, a ban is less likely to be effective this time and the repercussions for India’s economy may be much worse. The country should not repeat the same error.
Numerous industry bodies and players are actively lobbying India’s finance ministry and regulators to reconsider the total ban on cryptocurrencies, while emphasizing the benefits of their use, according to industry officials.
The Indian government should not prohibit the use of cryptocurrency indefinitely. Any complete ban on cryptocurrency will just demonstrate a lack of awareness of the technologically powerful cryptocurrency’s positive effect on India’s economy. Many governments are concerned about tokens because there is no centralized entity to monitor their value or oversee their exchange. The concern arises from the failure to control the cryptocurrency sector, monitor its price, or track its transfer. Governments can do all of the above with fiat currency.
The #IndiaWantsCrypto, started by WazirX CEO Nischal Shetty, is by far one of the oldest and most successful crypto campaigns in our country.
Nischal started the campaign on 1st November 2018 – ten years after Satoshi Nakamoto published the Bitcoin whitepaper. Nischal has been fighting for the positive regulation of crypto in the country since then.
Please RT this and share it everywhere. Let's get the attention of our ministers whom we've voted to power so that they can help us. We need to present to them hard facts about crypto so that they can understand why millions of Indian youth are opting for crypto. Jai Hind ??
— Nischal (WazirX) ⚡️ (@NischalShetty) November 1, 2018
He tweeted to parliamentarians, the Prime Minister, and other decision-makers, every day.
Other prominent crypto exchanges in India Like UnoCoin also supported the initiative.
Here are five things you should know about cryptocurrency markets in India
Tech investor and former Coinbase CTO Balaji Srinivasan argues in Swarajya that India should embrace cryptocurrency instead of banning it.
What he’s saying: Crypto has already amassed $1.1 trillion in value, and is the most important tech innovation after the internet. Top entrepreneurs and visionaries, as well as the IMF and World Bank, accept the potential of cryptocurrency to fundamentally change commerce, transactions, and investments.
India could get 20% poorer from what it could have achieved over the five-year term. It is almost like banning the internet for 5 years.
What’s The Scope of Crypto In India
Nasscom, the IT industry body, has spoken of the huge potential of cryptocurrencies and their potential contribution to India’s GDP. According to some estimates, there are about a crore of Indians with cryptocurrencies (such as Bitcoin and Ethereum) in their pockets, holding a value of about ₹10,000 crores or even more.
In India, Blockchain is witnessing a major demand in a select few areas including Banking, Insurance, Logistics, Healthcare, and Public Administration. While some of the players in these industries are collaborating to realize the collective benefits of Blockchain tech at an industry level, some others are exploring the potential of Blockchain along with their subsidiaries and partners.
Although India is still at the nascent stage in exploring Blockchain technology, it holds is immense potential for Blockchain applications. Blockchain integration in financial transactions will not only save time and money, but it will also make the transaction processing and authentication process much more seamless.
The Indian government’s proactive encouragement towards disruptive digital technologies will offer a massive boost to the growing scope of Blockchain in India.
If India bans cryptocurrency, it doesn’t just criminalize the holdings of countless innocent Indians. It repels a trillion dollars in crypto capital from coming to India in the first place.
By Accepting Cryptocurrency we can put the country at the forefront of a trillion-dollar industry.
Share the Trend #IndiaWantsCrypto on Twitter if you would love to support Crypto in India. Also, we hope you like our article ” Why India Wants Crypto? ” Do leave us comments and suggestions below in the comments.
RELATED: WazirX Vs CoinDCX – Which is Better for You in 2021 !
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Join to get the flipside of crypto
Upgrade your inbox and get our innoGriti editors’ picks 1x a week delivered straight to your inbox.
I have downloaded the trade report but there are nothing about entire capital gain.
Now I m facing problem filling income tax
What should I do??
1000 days non-stop ! Its huge..