Regulatory Measures Needs To Be Adopted Rather Than A Ban For Cryptocurreny in India

Indian Cryptoverse recommends regulation rather than ban
  • The pathway of growth for Bitcoin has been building with worldwide known institutional support
  • Looking at the growth potential, Indian cryptoverse recommends regulation rather than ban
  • The wide range coverage of money flow of digital assets can enhance country’s economic consditions

The example of unpredictability is truly defined by Bitcoin and Cryptocurrency. When seen as a digital boom or the criticism, Cryptocurrency has always shown remarkable or a bitter surprise to many people. It has shown the way of usage and avoidance too. Whether remarked by the great market conquerors or the end users, it has always been the most sensational topic in the digital era.

INTRODUCTION TO THE WIDELY ACCEPTANCE

Tesla, the master of cars has recently announced the acceptance of Cryptocurrency as a means of payment to enhance the global payment networks. No doubt, it will boost its market and availability to the reach of every individual. 

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Mastercard too added the functionality of ‘selecting cryptocurrency’ as the remark of global payments to make the flow of trade possible.

BNY Mellon, US’s oldest bank announced transferring and holding of digital currency. Cryptocurrency is boosted by many professional banks, consultancies by regulating the usage of digital money in the economy.

Take of Indian Authorities On Cryptocurrency

The next great occurrence of Cryptocurrency remarks that can be seen is in the country – INDIA. The cryptocurrency and regulation of Digital Currency Bill 2021 regulates the flow of digital money by creating a framework for creation of official digital currency, issued by the Reserve Bank Of India(RBI). India has more than 30,000 plus blockchains which are capable of economic dimensions. It is moving towards the friendly zones of countries covering the US, Switzerland, Singapore etc.

Though, Bitcoins and Cryptocurrency holds the point of criminal activities, but it too covers the wide range of flows of money transactions in the global world. Every coin has two faces and this is true in the part of Cryptocurrency as well. It has shown its importance in the economy by instances of many companies and institutions that has widely accepted it as a means of payment. Thus, the policies regarding the regulations should be adopted rather than banning its usage.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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