Cryptocurrency has been a popular topic of conversation and speculation in India. This year, the Reserve Bank of India (RBI) released a policy guideline that would allow entities to go ahead with the use of cryptocurrencies in India. The target audience for this release was the tech and blockchain sectors. Many within the sector, however, saw the decision as an attempt to control the crypto markets. The decision, in fact, is more likely to fuel the adoption of cryptocurrencies, says Rajya Sabha member Subramanian Swamy. The former RBI official asserts that the policy is “unstoppable.” He further noted that the central bank doesn’t have the power to stop the market.
India is going to be a major cryptocurrency hub. Despite a recent government crackdown, the country’s parliament has passed a bill that will allow tax exempt cryptocurrency trade at the central bank’s monetary policy committee (MPC). The bill will pave the way for clearing cryptocurrency transactions and opening cryptocurrency exchanges — something that was previously impossible.
India is in the midst of a digital revolution. A few decades ago, it was a sleepy enclave in the south and east that was considered a backwater. But that all changed in the last two decades, when the country became a global hub for technology and business. In the last decade, the country has seen its internet penetration jump from 25% to almost 70%. The level of smartphone ownership is expected to cross the 50% mark by the end of the year.. Read more about future of cryptocurrency 2021 and let us know what you think.The Indian government has always been passive when it comes to cryptocurrencies and the real impact they can have on people in the near future. Subramanian Swamy, MP for the Rajya Sabha, approached the same issue from the perspective of an economist and highlighted the efficiency of this technology. The webinar was held on his youtube channel – Virat Hindustan Sangam. His daughter, Dr. Gitanjali Swamy, also gave her views on cryptocurrencies and briefly explained some of the technical aspects using the analogy of an Indian wedding. Dr. Swamy calls cryptocurrencies a new trend in commodity trading that has caught the attention of every teenager in the country and many small stock market investors. Although he considers himself a traditionalist, he believes that the next step in the evolution of the barter system will be two-way exchanges through reliable computer networks. He also points out how difficult it will be for governments to adapt to the new level of technology, especially in a country like India. Dr. Swami also mentions: The Indian government has resisted its emergence, but the system is gaining popularity in many countries, showing how important it is for India to support mass adoption as soon as possible. Bitcoin is unstoppable, Swamy said, and he believes it will lead the way as the object of the future. Even his daughter took the floor and mentioned a marriage analogy that the audience could relate to. It uses the crowd attending the wedding as a blockchain hub, so if one party pulls out, many people witness and record the incident. She also talks a bit about bitcoin mining and some other aspects, but overall she believes in the technology and the impact it could have in the future. Bitcoin and other cryptocurrencies have attracted a traditional economist like Subramanian Swamy, which is important for understanding this article. Even though he has not invested much money, his opinion on this issue is important. Cryptocurrencies like bitcoin are built on such a strong foundation that they will always have a bright future. Therefore, we can expect more and more influencers from leading companies and industries to pay more attention to cryptocurrency use cases and their future applications. Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.
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Sign up to be notified of the latest posts.India’s fiat currency is the Indian Rupee (INR). Its unit of currency is the Rupee (Rs). The Rupee is subdivided into 100 Paise (Paise). The Rupee is also known by various names — Arundhati, Varna, and so on. In India, one Rupee is equivalent to one hundred Paise. In India, we have a variety of coins, usually known as “rupee coins” (called by various names in India), which are minted by the Government of India’s mints.. Read more about why is cryptocurrency valuable and let us know what you think.
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