Cryptocurrency is a digital currency used as a medium of exchange wherein the record of individuals owning coins is stored in a computerized ledger database with the help of strong cryptography in order to secure the transactions and creations of new coins.
THE FATE OF CRYPTO CURRENCY IN INDIA :
The COVID-19 pandemic has changed a lot and disrupted almost every aspect of the world be it business, health or industries. But, there are some services which flourished despite being the pandemic hitting hard everyone and everything. One of them is Cryptocurrency. Crypto currency gaining the popularity among the youths by becoming an favorite choice of investment among the youth. India was not left untouched with the ever rising popularity of crypto and the growth of the currency is rising since then. The trading volume has increased from US $ 0.5 billion per month in April 2020 to $ 1.5 billion in April 2021. But, the future of the currency is still lies in the hand of the government. Although the government has ruled out RBIs 2018 which stated that individuals dealing in crypto should not be allowed to access the banking services, but the currency is still not being regulated. Let us a take look at what lies in the fate of cryptocurrency in India.
WHAT THE FUTURE HOLD ?
RBI announced in 2018, the customers dealing in cryptos should not be allowed to access the banking services.
THE UNREGULATED CURRENCY IN INDIA
The year 2020 and 2021 have proven to be blessing in disguise for cryptocurrencies. The segment has seen a surge in popularity despite being economic meltdowns and the nation battling the pandemic. The rapid increase in digitalization and adoption of high-speed internet could be the possible factors for such a sharp increase in the demand for cryptos. Crypto is not illegal in India, but it is not legal yet. The supreme court ruled out RBIs circular which stated that users dealing in crypto should not be given access to banking services. The supreme court said that in absence of any legislative ban on cryptocurrency, the RBI is in no position to directly impose a restriction on trading of these currencies. This action boosted the growth. People are gradually getting familiar with what crypto is and what future does it have.