Cryptocurrency: Why India Has A Love-Hate Relationship With it?

Why India Has A Love-Hate Relationship With Cryptocurrency:

The value of Bitcoin, the first and largest cryptocurrency, is around 27 lakh rupees. Bitcoin and other offerings in its class are considered a volatile asset whose prices have had many ups and downs since they first appeared in 2009. Experts may have predicted that cryptocurrencies are doomed, but they have turned out to be incredible. keep doing it. gets support across the entire spectrum of business and finance, with Tesla Elon Musk being a well-known enthusiast.

India used to be slow to look for cryptocurrencies, but now the country can focus on its first local cryptocurrency billionaires. And recently, a message from the RBI was greeted with glee asking banks to please cryptocurrency players.

WHAT DID THE RBI REPORT?

In March of last year, the Supreme Court overturned a 2018 circular from the Reserve Bank of India (RBI) to banks and financial institutions, saying they were no longer authorized to facilitate cryptocurrency transactions. Petitioners told the Supreme Court that while central bank leaders have not been banned in India, it has hit the Indian cryptocurrency market.

But it appears that several public and private banks still discourage their customers from trading cryptocurrencies, citing the original RBI circular. This week, he asked the central bank to explain that since the Supreme Court ruled against it, banks cannot sue this circular for denying cryptocurrency transaction services. “Given the honorable order of the Supreme Court, the circular is no longer valid on the date of the Supreme Court decision and therefore cannot be cited or cited,” said RBI.

BUT NO GOVERNMENT IS INTERESTED IN THE CRIP COURSE?

The digital architecture is called a blockchain, with cryptocurrencies designed to eliminate the need for a central bank to monitor and validate transactions. These functions are fulfilled for cryptocurrencies by blockchain technology through the so-called decentralized ledger system. So it is clear that the rise of cryptocurrencies is a challenge for the conventional banking system.

No wonder, then, that most governments and central banks look at cryptocurrencies with suspicion. Circular RBI 2018 warned banks and other financial institutions against “all services related to virtual currencies, including those for transferring or receiving money in accounts related to the purchase or sale of virtual currencies.”

WHAT IS THE SITUATION OF CRYPTO’S INVESTMENTS IN CURRENCY IN INDIA?

All of which means investors have seen positive signs in the government’s approach to the cryptocurrency, hoping that “authorities in the fast-growing market can be easier”. According to industry estimates, around 8 million Indian investors have invested $1.4 billion in cryptocurrencies.

Nizhal Shetty, CEO of WazirX, supposedly India’s largest cryptocurrency, says a cryptocurrency ban is unlikely. “Our finance minister called for a ‘calibrated approach’ to cryptocurrencies in India and as we have over 1.5 million cryptocurrency users in the country contributing over $2 billion to our economy,” he said. That cryptocurrency is prohibited. India,” said Shetty.

Meanwhile, an Indian trio has been named the country’s first cryptocurrency billionaire after the cryptocurrency called Matic went from $26 million in 2019 to more than $14 billion. Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun, the co-founders of Polygon (formerly known as Matic), founded the company in 2017 as a platform at a blockchain scale. What it does are transactions in Ethereum, the second largest. the most valuable cryptocurrency for Bitcoin.

HOW CAN I BUY A COPY?

Cryptocurrencies can be bought and sold through wallets created for this purpose. You can apply online or download an app to trade cryptocurrencies. Besides WazirX, Zebpay, Coinswitch Kuber, etc. Typically, a user must register on these platforms and create a wallet to trade cryptocurrencies.

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