Generally speaking, the future of Cryptocurrencies in India, as a whole, looks bleak. Soon, given the fact that the respected RBI served a ban on all cryptocurrencies, one may have to start identifying Bitcoin alternatives.
There’s no rocket science theory in this. Owing to the fact that any virtual currency raises concerns about market integrity, consumer protection, and aspects such as money laundering, the central banking system in the world’s largest democracy has deemed all cryptocurrencies as illegal.
In its red herring served to the customers of the country, the RBI has, in fact, gone to the extent of cautioning everyone about various risks associated with cryptocurrencies or virtual currencies.
In addition to the above, it is worthwhile to note that the RBI has carried out the initiative clearly to protect Indian customers who are rather ignorant regarding cryptocurrency scams.
But when examined broadly, it’s been felt that the RBI’s decision toward immediately banning all forms of cryptocurrencies is a reactionary decision, one fraught with a knee-jerk reaction.
Such a centralized action, in one way, can place the creativity of a techie- consider the Japanese inventor of Bitcoin- under a hammer of vicious judgement. Moreover, apart from negatively influencing those who are at the advent of such illustrious discoveries, the banning of cryptocurrencies is, in a way, a step back.
That in the wake of its creation, the world was coloured by an idea of a currency which wasn’t controlled by any government, country or state and that it offered security as well as transparency at the same time was indeed, a novel idea.
Now, the world might have to delve deep to explore facets like Bitcoin alternatives.
But specifically for India, in the post-demonetization era, where there exists a confusion in the market regarding the demand and supply of alternative currencies like the Bitcoin, one’s not really sure about there existing a bright future for cryptocurrencies.
At a time that the advent of the above would’ve brought a tremendous value- as believed by experts- for merchants, tax departments, and even the marginalized, the complete banning of cryptocurrencies has left a gaping void in the context of India.
Guest article written by: Mrinal. I am a freelance blogger writing for blogs in different verticals, do check my content. Website: https://rapidleaks.com