Before we discuss the future of Cryptocurrency in India, we need to look at the events that occurred in the last 2-3 years.
The demonetization left the country with 86% of the cash in the denominations 500 and 1000 nullified of its value, and people started to look for the new or different type of currency and Bitcoins were just around the corner.In the last couple of years, not only individuals but even major organizations have started accepting payments in the form of Cryptocurrency. This led to a huge investment and mining boom with respect to bitcoins.
Coming to the present state of affairs, Finance Minister Arun Jaitley announced in February 2018 that the use of bitcoins will no longer be tolerated and they intend to get rid of the decentralized currency from the country.
Many countries like Russia, Bolivia, and Taiwan have already posed the restriction on usage of Cryptocurrency. The estimated amount of bitcoin distributed all over the globe is said to be 21 million and 4 million more left to mine. This indicates the future of bitcoins will soon be restricted to trading or exchange.
The case seems to be similar in India since the finance department of the country is not ready to accept this currency and RBI being the head and control of banking in India has also warned people about the usage of cryptocurrency and its risks involved.
Finance experts and advisors all over the globe predict the end of the bitcoin is going to be devastating.There are many reasons to predict such a future for bitcoins and the key reason being the lack of tangible currency.Bitcoins are a risky investment that should be traded with utmost caution.
A calculated risk can still be afforded if you are really willing to invest but experts are really against it.
Several websites like CryptoCoinJudge and others provide a much better explanation about mining and exchanging them.
India’s future in decentralized currency looks dark and gloomy.The blockchain technology is being implemented for payment systems all over the country and the government has given open statements about the same but they are not supporting the usage or trade of the cryptocurrency.This peer to peer transaction without a central housing system is quite a risk.
The future of Cryptocurrency in India is quite unclear at this point in time.
Starting the new financial year for 2018, we haven’t received any update about the statements made in February 2018 regarding the complete restriction of Cryptocurrency in the country.
That being said, the tide can turn anytime and we have to be prepared to ride the tide!