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India is the 5th largest economy in the world as per the World Bank with a GDP of 2.87 Trillion USD. But on the ground the reality is somewhat different. Many people, especially the youth, don’t have bank accounts. Youth knows and understands the complexities as well the importance of Cryptocurrencies. With more young people with bank accounts, we can expect more investments to things like Stocks and Crypto.
Now, Bitcoin, in this case, can turn out to be a great success as it provides a method of transacting and making deals across the globe cheaply and securely without requiring a bank account. No doubt, as of now, more than 8 million Indians own cryptocurrency in some or other form which accounts for thousands of crores, according to Nischal Shetty, founder and CEO of crypto-exchange agency WazirX.
Bitcoin usage by Indian companies
In 2018, more than 500 merchants and several big companies in India, including Dell, gave an option of paying in cryptocurrency, as told by GBminers co-founder Amit Bhardwaj. Of course, Bitcoin still has miles to conquer before it can be labeled as . popular among Indians as most of us prefer direct money. But the numbers are increasing with each passing day. As already said, cryptocurrency now holds more than 5 million users in the country
Stand of Indian Government on Cryptocurrency
The Reserve Bank of India (RBI) has continuously warned cryptocurrency users and traders about the risks associated with this new system, however, the Indian Prime Minister, Narendra Modi, indirectly gave a thumbs up to cryptocurrency on 2nd July 2018 with his ambitious picture of Digital India. Several meeting sessions have been held for discussing the scope of cryptocurrency in Indian economy and to formulate regulations and a proper system to govern this.
A while back in 2018, the government formed an inter-disciplinary committee to study the structure of digital currency and set up a forum MyGov to collect public opinions regarding cryptocurrency.
Post this, India’s Department of Economic Affairs arranged for a meeting to discuss regulation of Bitcoin and it was decided that cryptocurrencies too, should be regulated under The Reserve Bank of India Act 1934 as per which, investment in Bitcoin (or any such cryptocurrency) should be taxed and guidelines for such any transactions with virtual currencies should be properly drafted and Foreign Exchange Management Act 1999 (FEMA) should be extended to cross-border cryptocurrency transactions, by IRB.
Now, this whole discussion about future of cryptocurrency in India has recently become a hot topic as RBI filed a draft under the title “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” for banning cryptocurrency from India and issuing as much as a 10-year imprisonment to those dealing, holding or selling cryptocurrency in any form.
The Future of Cryptocurrency in India
Cryptocurrency is now used to make online purchases or even physical products and hence provides a great opportunity for business holders and companies to monetize various digital applications. It is also a probable option for getting used in social networks, loyalty games and P2P networks. For online gamers, some offer reward cryptocurrencies for watching advertisements, taking informative surveys or winning social games. This helps to increase the use of cryptocurrency not just as a financial token but also as a marketing tool. This offer-based distribution of cryptocurrency by companies to users, who successfully complete a given task, allows the companies to establish efficient and secure loyalty schemes.
Till date, more than 8 million people in India have used cryptocurrency and the numbers are likely to grow exponentially in the coming years as a result of upcoming economic reforms. The fact that India is a great market for cryptocurrency such as Bitcoin has already been established and the Government of India seems to be ready to formulate a system for regulating cryptocurrency as part of the Indian economy. With so many companies and investors already dealing with and trading in cryptocurrency and the countless opportunities still remaining to be explored, little help and support from the government can turn cryptocurrency into a major asset for the Indian market in the coming future.
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