Cryptocurrencies were first introduced back in 2008 which further within a short span of time gained massive significance and attracted the techies from all around the world. Since its first creation the very idea of Cryptocurrency was appreciated by many for the expansion of its means in accordance with the thoughts and solitary plans. The recent observations shift the focus on sudden inclination at larger level in the particular sector given the change of situation due to pandemic, which temporarily has outset the scope of real transactions, further also to mention the increase that was noticed in cryptomarket with the ample percentage of more than 500% since January 2020, which was preposterous indeed.
In the budget speech of year 2018-2019, the finance minister of India had officially declared the current outlook of the government with regards to cryptocurrencies, nationally considering it unfit to be provided with the legal tender status.
The digital revolution that cryptocurrencies inaugurated worldwide introduced a parallel phase of digital currency with regularity of engagements for the general users of internet and e-services. However, the legal recognition of such currencies in India continues to be null. Whether the cryptomarket expansion and legal recognition is the need of hour? Whether it will simultaneously increase the factor of risk, the system might not be ready to cope with? Whether the introduction of the same within the markets, legally, will ease the entire process of transactions for the users? Are some of the questions that are since time unknown due for being made a declaration over after a process of healthily exhaustive conversation made on invited suggestions.
• Comparative scenario since introduction;
Bitcoin, the most famous and first of its own cryptocurrency back in 2010 was recorded to be traded at just $0.0008 which currently, till April 2021, had an immense hold of command with a market price of about $65,000. Along with bitcoin many new coins were introduced and developed only to further touch the cumulative Market value of around $2.5 trillion ( Last revised – May 2021 ).
• Significance of Cryptocurrencies;
The cryptocurrencies hold significant value of its own which can be highly beneficial to the users and make their transaction more smooth and transparent in terms of alot of elements which the physical transactions lack in regards with character tracing and rapid cop up with, ending up creating an obstructional maniac classifying the transactions so done as unsafe/weak/opaque etc. Some of such factors can be-
a. Corruption blockage– As all the transactions so done are recorded with the data in hand of the users ,easily accessible, the chances of corrupt frauds decrease and flow of funds and transactions gets traced easily.
b. Least complicated transactions-Cryptocurrencies are easy to deal with for the reason it entirely is dependent on virtual/internet, which makes the user settle in a position of money/time saving. No unnecessary travelling/transaction fee, the process is instant and the data, usage, transactions are traceably quick.
c. Pocket friendly– Having the scope of intermediaries narrowed, the transactions end up saving the amount which is not in general an investment but a charge for the services so provided. The dealing being direct, the role of intermediaries and unnecessary expenses gets eradicated.
• Scenario of cryptocurrencies in India;
Recently, the government has announced to introduce a bill naming ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021‘, to create a sovereign digital currency and simultaneously ban all private cryptocurrencies. As the Reserve Bank of India clarified its take over the cryptocurrencies and market of such parallel economy must be banned, which was also mentioned in a circular that was held unconstitutional by the Supreme court of India further. Is ban a solution?
The answer is in negative, a ban can only deprive the citizens of transformative and worldwide engaging technologies and opportunities. Enterprises such as Tesla and MasterCard have successfully adapted the means of crypto coins which makes the picture clear of the upcoming inclination globally. Banning the resource will only fuel the contrary minds encouraging illegitimate use as it will definitely be created as a parallel economy by the techies. Not only will it increase in opposition and illegal transactions but also will introduce a contradictory Policy inconsistent with the Draft National Strategy on Blockchain, 2021 of the Ministry of Electronics and IT (MeitY), which declared the blockchain technology as transparent, secure and efficient technology.
India timely has proved its potential globally to evolve the technology and adapt its means with friendly environment of development phase. The cryptocurrency is a digital revolution which can change the aspects of virtual realm to a completely parallel sphere. Banning same cannot be a solution rather regularisation of the digital asset is the need of the hour. The blockchain and crypto resources are globally proved to be an integral part of the industrial revolution, which must not be simply bypassed instead adaptation of it at an initial phase to disclose the opportunity for the entrepreneurs and digital marketers can surely strengthen the stand of the nation globally increasing the possibility of healthy competitive environment attracting the investors and mingling groups at an international level.
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
If you are interested in participating in the same, do let me know.
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