This is good news for investors of India. If everything goes well then the market of cryptocurrency will be legalized here too. So far, it is banned by the government. Sources are quoting news that the government is considering to regulate cryptocurrency. If this happens then it will be a relief news for crypto market and crypto investors. According to an estimate, more than 10 million youth in the country have invested in cryptocurrencies like Bitcoin, Ethereum and DocCoin. With the crypto being regulated, they will be able to legally buy and sell it. Will be able to put crypto in mainstream business.
It is coming out from the sources that the government is considering a fresh idea to regulate cryptocurrency. The government may soon form a new panel which will look into the regulation of crypto in India. Avinash Shekhar, co-CEO of the crypto exchange Jebpay has told Financial Express that if the government does this then it will be a right step in the right direction.
Shekhar believes that the government should talk to every party in the financial sector for this. After this, a simple step should be taken so that investors investing in cryptocurrency can do well. According to blockchain expert Sharat Chandra, 1.5 crore retail investors in the country have a digital currency of 15 thousand crore rupees. In such a situation, we must identify the strength of cryptocurrency.
What will be the benefit of regulation
Investors investing in cryptocurrencies are not seeing a good future yet. They feel that the way forward is not known. What will happen if the crypto market is not regulated in India? In this situation, if the government makes digital currency legal then there will be a big boom in the industry related to it. Most recently, the crypto market saw a big decline. Bitcoin dropped by 34 thousand dollars simultaneously. The same situation was seen in large cryptocurrencies like Ethereum and DocoCoin.
To avoid such turmoil, there is an emphasis on regulating cryptocurrencies. Right now there is fear among investors because of no law. If there is a slight movement in the market, then the selling phase begins. The faster the cryptocurrency sells, the rates start falling accordingly. Being a crypto regulator will instill confidence in investors. After removing the ban on cryptocurrency by the Supreme Court, investors are hopeful that the government will also take such a step.
Inflation will be controlled
It is believed that cryptocurrency can play an important role against global inflation. The flow of currency has increased in the world, there is a lot of money coming in the system, due to which the devaluation of money is taking place and this is increasing inflation. To overcome this, the world needs a currency whose supply is less, which can be easily exchanged, can be used anywhere in the world. According to this, Bitcoin, Ethereum or DocCoin is being considered as the right choice. As easily as you can print notes, you cannot mine bitcoins as easily. Mining bitcoins is more difficult than gold mining on the Internet.
Mining bitcoin or any crypto is a very difficult task. That is why a lot of resources are spent in creating cryptocurrencies. Of all cryptocurrencies, mining bitcoin is the most difficult. According to one figure, the last bitcoin mining will be in 2140. In technology, it is not possible to mine all bitcoins in one go, as with gold. The decision regarding gold mining and its prices is made only once. The miners, banks, traders and central institutions decide in one go. Later it fluctuates. The price of gold which is already kept keeps climbing and descending. This is not the case in bitcoin. Here the well has to be dug every day and the prices have to be fixed.
Digital currency is the only solution!
In countries like Africa, Venezuela, Palestine, Zimbabwe, inflation has taken a formidable form. Due to inflation, lakhs of people are being killed here. The reason for this is that concrete steps are not taken here or there is lack of governance to deal with the problem like inflation. Cryptocurrency can play a big role in these countries as it will increase their reach to digital currency, they will not have to be deprived of currency like notes or coins. They can shop in any corner of the world with digital currency whenever they want. They can convert digital currency into dollars, pounds or euros. In view of this advantage, crypto debit cards have been made in countries like America, UK, Europe, Singapore, Japan etc. Many companies and merchants out there now easily accept crypto.