Reliable cryptocurrency regulations are required for the growth of the economy is the need of the hour to have the regulations that can elevate the economy of the country. As we all know, this pandemic of Covid-19 has hit the whole world badly. Each aspect of life has been affected, and the economy is most affected by them. One of these countries is India which is facing loss in the marketplace and several other industries.
Cryptocurrencies shouldn’t be banned;
Instead, there should be sensible regulations to elevate the economy. The cryptocurrency of India is an essential factor to look at amidst this global crisis. It has been approximate two months since that banking ban has been overturned by the Supreme Court. Though several aspects of business and industries have been impacted, there is still a spike in the growth of the sector of cryptocurrency. Noticeable growth can be seen in the Indian crypto and blockchain industry.
Now is the excellent time to take advantage of this scenario that has been taking place and to make amendments and a great framework to promote sector of cryptocurrency and to contribute to the whole Indian economy. No matter how critical situations are in the present time, it is amazing to know that cryptocurrency has gone through it amazingly and has thrived well. They are operated and managed great even than the traditional stuff like gold and oil etc.
People who have been actively involved in the industry of cryptocurrency knows the worth and significance of cryptocurrency, and they are looking for ways to spread more information about it among other people to educate them regarding the same. There are several groups of people who are implementing different ways to spread awareness among a large number of crowd.
At present, cryptocurrencies and crypto-asset classes are the most amazing derived products from the blockchain. They are trending and in demand throughout the nation and globe. If India plans to ban the exchange of cryptocurrencies, it is essential to mention that we will lose an essential part of the industry. We would surely experience loss of innovation, loss of fantastic talent, and loss of tax revenue. Is that what would help our nation move ahead? No, definitely not!
There should be precise and reliable regulations for the cryptocurrency exchange in order to protect from the eyes of skeptical national as well as international investors. There are so many investors out there who are finding a way to enter into the market of Indian cryptocurrency.
It is essential to understand that the implementation of proper regulations enhances the development of a country and that is what we can see in countries like Singapore, South Korea, and Japan; they have excelled a lot in the industry of cryptocurrency. It is a great time now for India to reap the benefit of the present scenario and increasing the interest of people in cryptocurrency and blockchain. India should make clear and significant regulations in the industry of cryptocurrency that would help the economy grow and the nation will take a step ahead in the competition going on out there on a global level.
India has been excellent in so many areas of industries with the help of innovation and technology. And the same can be done in the sector of cryptocurrency and blockchain, all that needed is the implementation of reliable and sensible regulations that would amazingly prioritize and push the cryptocurrency sector forward. We now hold the opportunity to make a great framework and to apply clear regulations in the industry of cryptocurrency that will help India grow on a grand scale.
Neha Bawa is a Proud daughter to an Indian Army official, A Mother, and a wife, Graduate in Bachelors of Business Administration, She has also done Diploma in Aviation, Hospitality, and Tourism Management. She has vast experience as a blogger in the travel and tourism industry. Recently her interest in technology drove to write articles on Blockchain and Cryptocurrencies. Now she is an author and researcher for the cryptocurrency industry-related many articles.