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The world is going digital, and so is the currency. Cash in digitized form is getting famous amongst investors who are now using this new e-cash to buy and sell goods and services. The variety of digital cash available for you to trade in are Bitcoin (BTC), Ethereum (ETH), Ripple, Litecoin, etc. Each unit of currency is basically a computer file that is stored in Digital Wallets. They allow you to buy, sell, hold, and transact in cryptocurrencies.
The cryptocurrencies allow you to have self-rule on your money as you can transact these currencies without any intermediary such as government or financial institutions. Even your transactions are not linked to your personal identity; thus, it protects your identity from getting traced. It enables you to perform transactions internationally without asking for various approvals and without paying any banking fees or additional charges. You only need to pay transaction fees.
Indians started using Digital Currency back in 2017, but RBI did not accept this, and hence, to suppress these volatile tenders, it issued a circular for banks to deny services to customers who are trading in cryptocurrencies. This was overturned by the Supreme Court in the year 2020 in the matter of Internet and Association of India vs. Reserve Bank of India. This hallmark decision welcomed crypto traders, users, and miners to the world of Digital Currencies.
In the year 2020, cryptocurrency showed a growth of 317.2%. This became the reason crypto exchanges increased throughout the world, including India. During lockdown in 2020, crypto trading in India raised up to 65 million dollars worth each day and soon showed a boom of 12% in India.
El Salvador accepted Bitcoin as a legal tender and became the first country to do so in 2001. This became a historic decision for other countries, political leaders, and financial economists. Even in 2001, US dollars were considered legal tender in El Salvador. They allowed US dollars to circulate liberally along with the local currency “Colon” at a fixed exchange rate.
But cryptocurrencies are still unregulated in India; however, now they are not illegal to trade. A new regulation is soon expected by the Government of India called “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021”. It is expected that:
- All private digital currency may be banned to trade in for its volatile nature.
- The government may issue its own Digital Currency under Central Bank Digital Currency (CBDC).
- Regulations for entering the Indian Digital Currency market for private cryptocurrency may be issued.
- The government may allow a buffer period to liquidate investments in non-registered or private cryptocurrencies held by people.
Cryptocurrencies like bitcoin have proved to be safe and trustworthy. In 2021 bitcoin trading raised up to Rs 23,61,651. To buy bitcoins, you can check the BTC price in India, which is published online by different exchanges. You can check the BTC to INR Exchange rate today itself by visiting a few of the trending websites which are offering great e-Wallet services along with the best cryptocurrency exchange rates.
Now, if you are wondering how to buy ETH or other cryptocurrencies, all you must do is register on any crypto exchanges and comply with the process of KYC mandates and link your Aadhaar with the account.
Cryptocurrency has opened new pathways in contrast to the underperforming traditional approaches. India can contribute to future innovations and developments in the space of cryptocurrency and blockchain technology. With the required set of laws and regulations, it can open new sources of employment and growth opportunities in the coming future.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.