Why 'India wants crypto' campaign

  • 12 months   ago

In the world of online business, it is not a new fact that cryptocurrency is the new trend. People all over the world are investing capital and gaining a lot of profit manually or by trading bots. It is the most secure mode of online business in this era of fraud and hacking. India is not beyond it. Till the present, Indian investors who are well aware of cryptocurrency have invested their money abroad. But the Indian government is thinking the other side of the game and putting effort to ban this. During this time the “India wants crypto” campaign was started and this news created a huge storm over the internet through tweeter and other social media accounts. It is a movement initiated by WazirX founder Nischal Shetty to make the Indian citizens as well the central government educated about cryptocurrencies and utilization of digital currency in business investment.

Till now in India, crypto-trading is not legal and the corresponding currencies are not considered as a medium of exchange. Due to the absence of this, block chain technology concept is still vague. Moreover, the government has banned cryptocurrency as recommended by the Inter-Ministerial Committee (IMC). This body has decided to set up a standing committee for further investigation on cryptocurrency. The value of the currency is greatly influenced by the BOJ's decision and the state of the country. On the other hand, the value of cryptocurrency can be decided by us.

In real currencies, it is possible to increase or decrease the amount of currency circulation by the central bank economic policy, thereby inducing economic trends. On the other hand, if you distribute more currencies than necessary, the value of the currencies will decline and cause inflation.

 

Why IMC banned cryptocurrency?

  • They are not eligible to be the currency of the country due to its inconsistent nature.

  • Excessive fluctuations of price since the time it was introduced in the global market.

  • The cryptocurrency market is entirely run by private sectors and the government has no authority on it.

  • There is no natural value of the currency assigned in the Indian market

What are the consequences of this ban?

  • In the era of the economic slowdown of our country, it is the only cryptocurrency that can give a boost in the market. The launching of various applications regarding crypto-trading can help the IT industry grow new jobs.

  • Indian startup platforms will not attract foreign investment.

  • The blockchain technology will lose importance in our country.

Is blockchain technology famous in India?

Though the Indian government is banning crypto currency it encourages the block chain technology which is the heart of crypto-trading.

  • For growth and improvement of Digital India, this technology is welcomed by the government.

  • By the introduction of blockchain-based land registry, citizens can get the loan, invest on the property and track any fraud which means it helps administration procedure easier.

In future it is expected that blockchain technology play important role in economy of the country.

Do all business organizations of India ready to accept digital currency?

All shops especially those who belong to small scale industries are not accepting it due to various reasons like KYC, minimum balance criteria and most important a strong internet connection. With the aim of Digital India programme, IMC is looking for official digital currency. But in spite of it, the high internet charges per day are not making it a good deal.

Upcoming crypto courses in India 

  • The management institutes have decided to teach financial block chaining and offer the paid course as well as voluntary course to management students.

  • As proposed by B.V. Reddy committee, the engineering institutes are expected to introduce blockchain in graduate B-tech course of 4years. This will boost up their career in this zone and they can become experts. In this way, a lot of job opportunities will grow up and they will be recruited based on their merit within and outside India. The courses will include mining bitcoin block chaining and its utilization in micropayments.

  • National Police Academy will teach cryptocurrency to the high ranking officials to beat the cybercrime

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