Cryptocurrency has already made its way in India much before experts anticipated. The overall crypto trade in India is evaluated to be around 10% of the global trade. Indeed this proves that despite the ban and security theft’s, cryptocurrency has gained immense popularity amongst investors. Despite the ban imposed by Reserve Bank of India, crypto’s are in high demand.
According to INC42, the Indian government has been actively looking out for upgrading technology and new ventures favoring innovations. However, in the case of cryptocurrency, they have taken a back seat and have warned the investors to go on with their own risk. When so many countries have accepted the digital coin format and have started regulating it accordingly, the Indian government is getting away from that.
Virtual asset and blockchain can play a major role in the economy of the developing nations. There are several ways in which the upgraded technology can help in achieving cryptocurrency economy in a positive way.
Cryptocurrency Facilitate Low Scale Merchants
Indian Government has already stressed on KYC and Aadhar linking to all the operative accounts. With the help of digitization internet payments and banking services have come over a long way. However, when cryptocurrency becomes acceptable in the market low scale merchants will be able to provide digital payment services at a relatively lower cost.
Secured Transactions & Instant Settlements
Experts believe that cryptocurrencies have the capability to surpass security vulnerabilities of India banking system. The sender has a complete control over the operative platform for making any transaction in digital coins. The idea is to not share data and information of the user which is otherwise done in case of banking transactions. Crypto economy is altogether is a decentralized and hence there is no involvement of a third party. Quite a lot of time and resources are spent in securing sanctions of the amount.
Effective Cross-Border Payments
It usually takes 5 business days in processing cross-border payments which involves third party verification. However, cryptocurrency makes it hassle free as the transaction is done within seconds with no third party verification system.[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. ]