• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Blockchain
  • Bitcoin
    featured image

    A Beginner’s Guide to Bitcoin futures trading

    crypto traders 2021

    Top 5 Crypto traders to follow on Twitter in 2021

    featured image

    Everything you need to know about Bitcoin IRA

    featured image

    How Bitcoin can be hacked?

    featured

    A starter guide to Bitcoin Options trading

    Featured Image

    With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

    featured image

    Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

    featured image

    Why is Bitcoin a safe haven in a financial crisis

    featured image

    How to Make Money in Crypto When It Falls

    Trending Tags

    • Altcoin
    • Crypto Lists
    • Crypto Market
    • Guide
    • NFT
    • DEFI
    No Result
    View All Result
    • Blockchain
    • Bitcoin
      featured image

      A Beginner’s Guide to Bitcoin futures trading

      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      featured image

      Everything you need to know about Bitcoin IRA

      featured image

      How Bitcoin can be hacked?

      featured

      A starter guide to Bitcoin Options trading

      Featured Image

      With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

      featured image

      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      featured image

      Why is Bitcoin a safe haven in a financial crisis

      featured image

      How to Make Money in Crypto When It Falls

      Trending Tags

      • Altcoin
      • Crypto Lists
      • Crypto Market
      • Guide
      • NFT
      • DEFI
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home bitcoin

      Future of Bitcoin in India

      Gopal Bansal by Gopal Bansal
      January 26, 2020
      in bitcoin
      0 0
      0
      Future of bitcoin in india
      18
      SHARES
      ShareTweet

      Future of bitcoin in india: It’s not appropriate to assume that we know all the technological developments occurring in the future but by putting the facts in the right space of a thought process, we can say the probability of circumstantial developments. We’ll be examining the future of the Bitcoin in India and certainly, the few expressions that comes into the mind are not on the positive side. The hatred, some of the media houses and the government officials have spread in the last couple of years is indescribable, even knowing without what the Bitcoin is. The lawmakers seem positive when it comes to Bitcoin’s underlying technology “Blockchain” which is also got introduced when Bitcoin came into the picture for the first time. On this note too, they’re considering private blockchains over the public blockchain.

      Let’s clear all the doubts around Bitcoin

      Bitcoin, born around 10 years back is the first child of Crypto Assets and the first application that was an implementation of Blockchain Technology. Every individual has its explanations of Bitcoin. The uncomplicated explanation of the Bitcoin is it’s the Decentralized Digital Money that has no boundaries and can be transacted globally without any necessity of the central bank. It was revealed by an anonymous man, woman or the community named Satoshi Nakamoto.

      All the transactions made through Bitcoin are stored on the Blockchain which is distributed to all the connected computers around the globe. Obviously, with this definition, someone can not make a space in the good books of the lawmakers. So, they criticize the currency by saying it can be used for illegal transactions, money laundering can be possible, purchasing drugs. With all the speculations and banned by some nations, Bitcoin is still there, a big healthy guy, breathing fresh air, and brother of around 2,000 more Crypto Assets.

      When did Bitcoin come into existence for the Indians?

      Demonetisation, the day that holds a bad reputation for the current government. This very day, the Reserve Bank of India (RBI) scrapped all the 500 and 1000 Rupee notes from the circulation. The in-power people came up with an idea to kill all the never-ending illicit activities. We will not get into the debate whether it was the right decision or not but it undoubtedly dented the 1.3 billion people’s trust in the national currency as the stock market fell to 7 percent. Many deaths occurred and people queued up for the money which was theirs as promised on the signed note. 

      (I promise to pay the bearer the sum of 500 rupees. Signed by the RBI Governor.)

      With this move, many Millenials, the popular word these days shifted themselves to the Bitcoin. The crypto exchanges were in full rush as the people started buying the Bitcoins and the number of investors grew to the point where 2,500 Indians were investing in Bitcoin on a daily basis, sources from The Economic Times.

      Understanding the Indian Government route towards Bitcoin

      We have previously observed the Government officials giving warnings to not use the Virtual Currencies. The government has formed an inter-disciplinary committee to examine the framework on virtual currencies and set up a forum on MyGov for public opinion. The department of Economic Affairs is also discussing the case of how they can regulate Bitcoin. The suggestions were not that quick but it’s a sigh of relief that it came.

      The committee said:

      “cryptocurrencies should be governed by the Reserve Bank of India Act of 1934; Bitcoin investors should be taxed; guidelines around the crypto-assets should be drafted; the IRB should extend FEMA to cross-border cryptocurrency deals”

      Although, all the said things still need to be implemented. Some states started the implementation of the Blockchain technology in some formats like storing of the Land Registries on the Blockchain. Adopting the technology is a well-made choice for the government but they need to understand how relevant are the Crypto coins in this implementation.

      The Andhra Pradesh government has also inked a Memorandum of Understanding (MOU) with the leading technology-based companies to get into the Blockchain ecosystem and planning to move all the property titles and vehicle ownership data onto the blockchain to make the data accessible and secure. The reports are saying that they have successfully stored around 100,000 land records on the Blockchain. More than fifteen insurance companies, finance companies are also tying up with the Blockchain-based companies for the solutions. The large corporations have also tied up with several Blockchain Education companies to train their employees. But in this blockchain rush, we shouldn’t miss the fact that Blockchain is in existence because of the Bitcoin. We need to realize how important the Crypto token when it comes to the Blockchain technology.

      RBI recently said in the supreme court during arguments that ” Bitcoin is not banned in India”.

      Bitcoin Future in india

      Many analysts prophesied that India’s government will regulate the Bitcoin but in some stages. Having said that, we have yet to know how many stages are there. It is understood that regulating the Bitcoin is not in favor of the Governments in any manner but ignoring may harm more than accepting. At last, the idea of government stands on who controls the money and the cryptocurrency disorders the idea.

      The RBI has recently discontinued all the banking services connected to the Cryptocurrency exchanges. Many of the exchanges have shifted their operations outside India while some big guns had to shut their businesses.

      Although, India’s Bitcoin Industry welcomes the point that government backing is essential when it comes to Bitcoin and other cryptocurrencies. The private exchanges, who were trading Bitcoin and other cryptocurrencies have candidly said that:

      “without verification of the customer that includes Bank Details, Aadhaar ID, Permanent Account Number, purchasing can not be done.”

      They’ve also accumulated an association named Digital Asset and the Blockchain Foundation of India (DABFI) to educate the citizens of the country around the Cryptocurrencies and the Blockchain technology.

      We are not in the state to comment that the Bitcoin will give you immense profits on investment or you’ll be buying luxury cars if you invest in the Bitcoin now. But if we go by the facts, Bitcoin’s block reward halving is coming, Lightning Network is getting into great shape to boost the Bitcoin transactions, adoption/regulations in the favor of the Bitcoin by several large corporations. The significant innovations are going to attract so many people and the governments are in very bad aspects to consider this global transformation. Bitcoin adoption by masses is imminent but it would be great if this happens with the back of the government and pro regulations from the nations.

      The hope is there that the government’s displeasure towards the Bitcoin or other crypto assets will shift and they’ll make some accommodation for this digital innovation. We have lost the race when the Software boom happened and delaying the policy framework around this tech will hurt us too. Some exchanges refused to give up and moved to the Supreme Court to regulate the Cryptocurrencies. The challenge has not a winner to date. The history is there to support the fact that the court’s structure is designed to give the only next dates and hearings.

      The countries like the UK, Estonia and many others stand in the favor to understand this new financial understanding and our lawmakers are happy snoring in the comfort zone. The regulation will surely help us to pave the new path in the world economy as the country is in a big economic slowdown. This is a universal truth that finance and technology go hand-in-hand. But the dimensions are yet to be explored. Ignoring the Bitcoin or other cryptocurrencies and embracing the technology will not work in favor of this transformation.

      Let’s wait, watch and expect that the next announcement will arrive in support of this innovation. The future for bitcoin in india looks promising.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: bitcoin future indiafeatured

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      featured image

      A Beginner’s Guide to Bitcoin futures trading

      by Nivesh Rustgi
      February 28, 2021
      0

      In this article, we'll know about bitcoin Futures (derivatives)platforms and learn how to trade on these platforms.  ‘Futures‘ is a...

      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      by Hitesh Malviya
      March 8, 2021
      0

      Top 5 Crypto Traders to follow on twitter Twitter is a good place to seek free crypto trading advice but...

      featured image

      Everything you need to know about Bitcoin IRA

      by Nivesh Rustgi
      February 12, 2021
      0

      In this article, We will discuss Bitcoin IRAs, Laws and regulations, Service providers and future of bitcoin IRAs. The tax...

      featured image

      How Bitcoin can be hacked?

      by Nivesh Rustgi
      February 5, 2021
      0

      In this article, we will discuss how bitcoin can be hacked. Bitcoin runs on blockchain technology, in fact, it...

      featured

      A starter guide to Bitcoin Options trading

      by Nivesh Rustgi
      February 3, 2021
      0

      In this Guide, we will cover Bitcoin options trading, options trading platforms and how to trade bitcoin options on deribit....

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      March 8, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      hidden gems crypto

      Top 5 Hidden gems Crypto

      March 8, 2021
      non fungible token

      Non-fungible Token(NFT): The Next Big Thing in Crypto Market

      March 8, 2021
      featured image

      Top 10 Low market cap altcoins to invest in 2021

      March 8, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      Top 10 crypto trading bots

      Top 10 crypto trading bots

      March 8, 2021
      tron squire

      Tronsquire: A Million Dollar Scam on Rise In India which promises up to 1000x Returns on TRX

      March 7, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      NBA TOP SHOT

      NBA Top Shot: What’s All The Buzz About?

      March 8, 2021
      blockchain myths

      Top 5 Blockchain Myths Explained

      March 4, 2021
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 1

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 2

        0 shares
        Share 0 Tweet 0
      • Top 10 NFT Crypto Projects You Should Know

        0 shares
        Share 0 Tweet 0
      • List of leading partners of Ripple, and How they use XRP?

        0 shares
        Share 0 Tweet 0
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • About US
      • DEFI
      • Home
      • Newsletter
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.