The Supreme Court of India finally passed the verdict to retract the ban on cryptocurrency in the country. The war of word started in April 2018, and finally, after 2 years the verdict is out after considering all facts and figures. The Supreme Court lifted the blanket ban on all cryptocurrencies, including Bitcoins.
From Twitter campaigns to in-person mediations, different entrepreneurs and lawyers came together to ensure that India can be a part of this global revolution. All the startups that relied upon this virtual networking are only left with 2 options: Either they shut or switch base.
However, with the blanket ban now being dissolved, more Indians will be able to systematically build wealth through trading and investing in cryptocurrencies. While the P2P model had several takers, users can now simply use their bank accounts for fiat deposits and withdrawals, which will only add to the success of crypto in India.
There will be wider participation in the Indian economy. How? After the blanket ban of cryptocurrency, India has the opportunity to bank the massive population spanning over 300 million unbanked people in India.
It will reignite the entrepreneurial wave and bring new job opportunities:
Owing to affirmative policies, and given the massive scale of potential adoption, a number of foreign investors will also keep an eye out for emerging and promising new start-ups in the domain.
There will be better job opportunities, like blockchain developers, marketing experts, quality engineers, better project managers, designers, and influencers.
India will be greeted by better regulations. Following an affirmative judgment from the apex court in India, the RBI would now be urged to better regulate the world of possibilities created by cryptocurrencies.
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Bitcoin is a cryptocurrency and the most popular one. It is a decentralized digital currency without a central bank or single administrator that can be transacted on the peer-to-peer bitcoin network without the need for intermediaries.