Is India about to miss the bus in leveraging cryptocurrency? – Economic Times

Is India about to miss the bus in leveraging cryptocurrency? – Economic Times

By Sathvik Vishwanath

Despite the uncertainty over the future of cryptocurrency in India, as the nation awaits the unveiling of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament, the appetite for blockchain technology and cryptocurrency, in particular, among Indians appears to be fascinating.

Even if the broad consensus goes in favour of banning private cryptocurrency India, perhaps it won’t prevent users from dealing in it. The reasons for the recognition to cryptos and the massive investor response to this asset class are manifold: failed government policies, disillusionment with the banking system and unfair distribution of IT returns.

So why is crypto gaining popularity in India in recent years? One of the key factors is traditional Indian reverence for gold to save, and with increasing tech-savviness, crypto is emerging as a kind of digital gold. The advanced currency has opened up avenues for international transactions and democratised the currency.

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IMG-0944 (1)ET CONTRIBUTORS

Crypto is Probably the Best Solution for Many Things Going Wrong in the Nation

Even the world’s richest man, Elon Musk, has added #bitcoin to his Twitter bio and tweeted – “In retrospect, it was inevitable.”

There is huge potential that India can gain when bitcoin and blockchain go mainstream, and it is not restricted within the strict regulatory ambit. How can the
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