In this blog post, we will discuss the future of cryptocurrency in India. As a rapidly developing country with an ever-growing technology sector, it is not surprising that cryptocurrency has been seen as the next big thing for Indian entrepreneurs and investors. With digital currencies like Bitcoin on the rise, many people are wondering how they can get involved in this new and exciting opportunity. We answer all your questions about investing in cryptocurrencies from experts who know what they’re talking about!
Bitcoin – The Future of India?
The Indian government has been hesitant to acknowledge cryptocurrency as a legal tender. It does not regulate it, and so far there have only been rumors that the scope is being considered by an inter-ministerial committee set up for this purpose. There are several reasons behind these actions; some experts say they arise from fears about tax evasion or money laundering while others believe they stem from simple ignorance on how cryptocurrencies work. Regardless, many investors and entrepreneurs feel like there is great potential here because more than half of all online transactions will be made using digital currencies by 2020 according to reports published by Juniper Research Ltd., which forecasts Bitcoin alone would account for $92 billion in yearly volume (a huge chunk i.e., about 18% of all online transactions).
This article aims to explore the future of cryptocurrency in India, and discusses some possibilities for its regulation as well as whether or not it will be adopted by Indian businesses. It also looks at how cryptocurrencies may contribute to a cashless economy, and what challenges they might pose in this regard.
India is among the world’s largest economies with more than a billion residents; however, over 95% of them do not have access to traditional banking services due to high costs associated with opening an account while many others are unable because their identification documents cannot be verified. This means that until now India has been one of few countries where Bitcoin-based remittances were relatively popular given that these were easy and seen as a cheaper, more efficient alternative to formal banking channels.
Now the Indian government and its central bank are predicting that by 2020 there will be 500 million smartphone-equipped households in India and their position on Bitcoin is one of cautious optimism; they recognise it could end up being either an important tool for financial inclusion or a dangerous bubble waiting to burst. The Reserve Bank of India has already issued statements warning potential investors about the risks associated with cryptocurrencies while also forecasting benefits such as lower transaction costs when employed within regulated frameworks.
The fate of cryptocurrency in India still remains unclear but what’s certain is that if this technology does take off here, bitcoin may not always remain dominant given how much easier it was for local entrepreneurs to work around regulations thanks to the government’s push for digitisation.
Cryptocurrency in India and their position on Bitcoin is one of cautious optimism; they recognise it could end up being either an important tool for financial inclusion or a dangerous bubble waiting to burst.
While others might say different things, we’re very bullish on the future of Bitcoin in India, are you?
Let us know in the comments below about your bullish/bearish experiences.