Cryptocurrencies and cryptocurrency trading are one of the hottest topics of discussion and debates all over the globe. The future of cryptocurrency in India is uncertain at least until the Supreme Court of India’s verdict on July 20. However, experts and crypto enthusiasts can give innumerable reasons why it is extremely imperative for crypto to be legalized in order to realize the government’s ‘Digital India’ plan
Even though authorities and government officials in India continue to warn people of the damage that cryptocurrency can incur on the economy, new investors and crypto enthusiasts are blooming by the day. This, in turn, has paved way for the mushrooming of innumerable startups as aggregators, coin miners, exchanges.
The Government of India realizes the importance of digital technology in the progress of the country. It has in the past taken radical steps in favor of tech innovation. It is hence essential that the government understands and recognizes the significance of cryptocurrency for a developing economy like India. Moreover, it is capable of resolving a number of bureaucratic and administrative hurdles that the government is facing in achieving its ambition of making India a digitally strong nation.
Here are 3 good reasons why crypto tokens must be legalized in the country.
Small merchants to be benefited
In the government’s endeavor to make India digitally strong, a lot of things that includes Jan Dhan accounts, mobile phone internet connectivity, and the advent of Aadhaar authentication and e-KYC and have been introduced to digitize payments and banking services. Even though the cost of digital payments is reducing, it is still expensive for a layman.
When the economy loosens up its strict regulations on cryptocurrency-led transactions, these small merchants will have access to digital payments services at very low rates.
Cross-Border payments made easy and quick
International payments take up to 5 business days at the moment due to time-consuming third-party checks. A transaction with cryptocurrency can be done within seconds. The crypto tokens make money transfer easy, quick and hassle-free.
Competing with the Global economy
Cryptocurrency gives Indians, especially the emerging millennial generation an opportunity to be on par with the global economy. India has so far been trying to match the pace of global developments. This will rightfully level the playing field.
This is for sure that India has a long way to go in realizing the ‘Digital India‘ initiative of the government of India. Legalizing cryptocurrency in India will help us in achieving the dream more quickly.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]