The evolution of cryptocurrencies and Bitcoin holds significant economic importance, like that of the internet during the 90s. India appears to be a sweet spot for driving Innovation and growth. The growth is possible with the landing of the digital currency bills.
There are rumors about the potential ban of Cryptocurrency in India. However, there are multiple uses for it. Policymakers can consider them to understand cryptocurrency’s true potentiality and our countries economic impact.
Additionally, our Nation’s success over the former three decades is from ITES based solutions. If we aim to approach a 5 dollar trillion economy, we cannot ignore that a $1.7 trillion market exists for cryptocurrencies.
A good Crypto policy can have a significant impact on improving our financial infrastructure. Additionally, it can also help safeguard National security, deter our financial fraud, and strengthen our monetary policy.
Finally, it is essential to attract international capital, which is essential to create more job opportunities retain tech talent accelerate technological development. Moreover, it is very important in driving the Nation towards becoming a global powerhouse.
Is it safe to invest in cryptocurrency?
Using Bitcoin can help strengthen the monetary policy and bridge the gap in our current financial landscape. The cryptos distributed ledger Technology allows faster and direct transactions for the users. Cryptocurrency is very advanced and more effective. It is better than the existing protocols like SWIFT.
Secondly, Bitcoin can be used as an asset to complement our National Digital currency. Ethereum is the second unique Crypto. Cryptocurrency is needed to enable Smart contacts and give birth to an entire sector known as decentralized Finance (DeFi).
Covid-19
Covid-19 has a devastating impact on the Indian economy as well as the global market. However, Crypto has been able to generate jobs across a different variety of functions in India and abroad. This ongoing development can inevitably lead the tech talent of India to get engaged.
Two significant incidents happened in India which boosted Crypto adoption. They are pandemic along with the Supreme court’s verdict. Government positive response can help to strengthen our fintech infrastructure and also promote the digital India mission.
