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Cryptocurrency in the Indian market

Cryptocurrency in the Indian market
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Blockchain:  The blockchain technology has been enabled the future of the financial Institutions. This technology has marketed up its worth in the current world and also this technology is accepted all over the world in the field of financial institutions. Also, the blockchain technology is run on a large-scale in the fields of mining and trading of the blockchain and Bitcoin tokens that is another form of the crypto-currency.

Remittance: India has the potential to save about 7 billion USD by using the crypto-currencies for the inward remittance where the budget for the midday meal program is only about 2billion USD. The amount saved by using this crypto-currency can feed up to 120 million poor children over the country.

FinTech Hub: There is the good scope to develop India in the Technologies related to Financial Institutions. There have multiple platforms created on the Fintech hub and many industries are using the same like the cab services, e-commerce stores, etc.

Keeping aside the facts that the crypto-currency is an aid for the development of the Nation, there are multiple scenarios where the crypto-currencies were misused and led to a state of illegal in the minds of the Government. Despite being warned and notified by the different players of the bitcoins, many people still believe in the Ponzi schemes running in the market. The government should have the plan to chase the false promoters of the schemes rather than shutting down the technology. Any technology can be misled to the people, hence the government and the financial institutions play a vital role in organizing and iterating things to make the things run on the expected scale.

But certainly, there are some evils coming along with the good about the technology and technology promoters, where the government has taken a step ahead to take a deeper look into the issue before making the final decision on legal and illegal actions. There are some petitions created by the government to reconsider the crypto-money concept.

Zebpay petitions the government of India:

The online petition in the form of email held by the Zebpay asked the Finance minister Arun Jaitley to reconsider the issue and announce bitcoins and cryptocurrencies as legal.

The Zebpay India petition made comments on the Indian Bitcoin Industry. It revealed that the bitcoin industry in India has evolved as a self-regulated body and this has been following KYC norms as that of a regular Bank and also the bitcoins players use regular encrypted banking channels for making their payments. Further, this has stated that the industry had recently formed the DABFI (Digital Asset and blockchain Foundation of India) which focuses on educating the stakeholders including government about the potential of the cryptocurrency in India. The committee included the members like Unocoins, Coinsecure, etc.

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