Recent developments in cryptocurrencies in India
A lot of discussions have been held in recent years about the future of India’s cryptocurrency. The whole country is keen to know the future of the country’s economy with talks about a ban on the horizon. Also, the RTI revealed that before submitting a ban on cryptocurrency, RBI did not research or consult with experts. Therefore the government has refrained from clarifying the application of this prohibition, and this decision relies on potential cryptocurrencies. Last year, Mr Subhash Chandra Garg (Secretary for Economic Affairs) said his Committee is developing a model for handling the inflow of cryptocurrencies.
The world market had more than 1564 cryptocurrencies and more than 9422 verified exchanges even in 2018. The market rate of all traded crypto-currencies sailed more than $275 trillion, with a daily volume of about $18 million. The Bitcoin owns 45 per cent of the $142.2 trillion market share with a market price of Rs 5,35,767. India has a flourishing and prospective economy with more than 1 billion people, which can significantly accelerate the growth of such cryptocurrencies. India is going through an economic renaissance as a country, with the IMF hailing it as the fastest-growing emerging economy. More than 40 per cent of the population of India uses the internet, making cryptocurrency a viable financial asset on crypto news.
Rise in India
Users can access all the information they need on a single centralized system without having to wade through multiple log-in processes through various exchanges. Moreover, with the current regulatory environment becoming ever more stringent by the day, a Bitcoin news aggregator is immune to the constant fluctuation of rules and regulations, since they function technically as a global exchange, not bound by major legal provisions.
Prime Minister Narendra Modi announced in 2016 the policy of demonetization, with some sizeable cash-laden businesspeople purchasing large Bitcoin orders. Demonetisation has enabled people to realize that paper money is not “absolute” because it does not have a support network. This conviction led many Indians to look for alternative models of currency.
The future of cryptocurrencies
The virtual goods and even physical goods are now being purchased using as cryptocurrency. It thus offers companies and business people great opportunities for monetizing numerous digital applications. Cryptocurrency funds could be included in social media, social games, loyalty points and even peer-to-peer networks.
The online players can earn crypto-currency by watching publicity videos, carrying out surveys, or even winning social games using this propagation method. These applications contribute not just as a financial token, but as a marketing method, to the widely used use of cryptocurrency. By granting users cryptocurrency to carry out a task successfully, companies can implement an efficient and secure loyalty system.