What is cryptocurrency? It is a very innovative concept that works as a medium of exchange for buying goods and services on the web. In India a ban was imposed by RBI was removed by the Supreme court and trading through cryptocurrency has been made legal since then. Taking all precautions now you can use cryptocurrency trading in India.
Cryptocurrency searches were growing very rapidly across India. So, it is pretty clear that people in the country love to invest and buy via cryptocurrency.
Many people were against cryptocurrency but India witnessed a rise in the use of Bitcoin over the past few years. The government is also thinking about having its own cryptocurrency to make it an alternative for Indian Rupee. In this way, any degradation will not affect the economy that much. The Central Government of India has also started the consultation process to establish an inter-disciplinary committee and form a committee for cryptocurrency. These changes will hopefully make a positive impact on the economy by giving diverse funds.
Risks of Cryptocurrency trading in India
The regulations for cryptocurrency trading are not yet set up, which makes the investors worry about their investment. But in this digital era, it is not that tough to gain knowledge about this domain. For this, you can get information about some of the effects which are as follows:
- There may be potential losses for retail investors.
- Volatile nature can be hazardous to the economy of developing countries.
If you will misuse this technology it may lead to the funding of dangerous organizations indulging in terrorism, trafficking, etc.
Thus, the unregulated cryptocurrency market is not like financial institutions. Since the Supreme Court has lifted the ban on the use of cryptocurrencies in India, the use of this currency must come under a regulatory framework.
Future of Cryptocurrency in India
Cryptocurrency got a very high boost when the Supreme Court’s issued an order recently about lifting the ban that was imposed. Now there seems to be a bright future for the crypto market. This order supports the trading of cryptocurrencies like Bitcoin and Ethereum. The full use of cryptocurrency trading may take some time.
The Supreme Court had lifted the ban imposed by RBI on cryptocurrency in the year 2018, saying that the ban was not proper. This means that RBI had not maintained the balances in the way it must have with the crypto firms. This support of the Supreme Court has brought back the confidence of Asia’s third-largest country, India in cryptocurrency.
All the Digital currency firms are working towards reviving their plans of expanding businesses in India due to the return of crypto. So the future seems to be bright for trading with cryptocurrency in India.
In this article, you got to know everything about cryptocurrency’s performance and position in India. Start trading in cryptocurrencies and become a millionaire within a short period of time.