The emergence of cryptocurrency is procured in India to find a way to reshape the financial landscape. However, the invention of cryptocurrency has the potential for financial inclusion in the nation despite nationality, ethnicity, race, gender, or socio-economic class. But the government of India has stepped forward to set some limits in the trading process of cryptocurrencies to manipulate the more considerable public interest. The limit is approved to establish a stable Indian Economy and finance, taking into consideration the macroeconomics.
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The Prime Minister of India has kept his vision to find some regulatory act in cryptocurrency, even saying that it should be held as assets like Gold. In this regard, he put a table of conversation on the fate of crypto amid worries that unregulated crypto markets could become avenues for tax evasion.
Even Former RBI Deputy Governor: DG Gandhi asserted a few words on this aspect that crypto should be enacted as an asset for the firm future of India. He said cryptocurrencies should be enrolled in a separate asset class. So, illegal activities could not be performed using these cryptocurrencies. For that, India should come up with regulated policies on cryptocurrencies to combat crime.
Prime Minister Place a Table of Discussion to Highlight the Future of Cryptocurrency Usage in India
Cryptocurrencies chaired a comprehensive meeting to express his concerns about unregulated crypto markets. He said that cryptos are becoming avenues for terror financing. Many illegal trading is affecting India's financial growth, and it could affect India's economy. A clear framework is to be designed very soon where cryptocurrencies would not act as a virtual currency to buy commodities; they would be purchased as assets. But, it is tough to find out whether cryptocurrencies would be used as virtual money or not because in its usage, several things are relying on- the first and foremost is the stability in the Indian economy.
Cryptocurrencies have already made their mark in many countries. People use them to buy Walmart things and do financial transactions on casino sites. Most renowned casinos accept cryptocurrency. People can play various games at Novibet online casino and entertain themselves.
With the rise of digitalization and internet usage, many people would access cryptocurrencies once they start being used in the nation. You can also say that it is creating tandem among the Indian masses. People who think India- a country that is a recent adopter of cryptocurrency can access Bitcoins or Ethereum publicly, which will come with numerous benefits. Crypto will enable them to do transactions faster and easier without judgment. In addition, many investors can grow their wealth by keeping cryptocurrencies as valuable assets.
Regulation of Cryptocurrency is not Like Shutting the Door for The Accession Virtual Money
The regulatory board of finance has set a panel on various young stakeholders and companies who are blindly trading on cryptocurrencies. They are investing huge money in cryptocurrencies as the price of many cryptocurrencies is touching the sky. The priority of the regulation act should be based on the protection of these stakeholders. Even the finance board has expressed their concerns to keep their money safe and protected from any hijacks.
On the contrary, India is the second country globally; according to data, over 15 million people have invested in cryptocurrencies in India. If cryptocurrencies run well in India, the nation's economy would be benefitted the most from it. In India, cryptocurrencies will arrive as centralized, decentralized, and in token models as well. It will support India's financial inclusion propagandas, alongside lowering the cost of the transaction process of finance, making the global remittance cheaper.