All our life, money meant banks to us and an only place to make transactions. But now, the tables have turned. Just when we thought that digital transactions will be the future, people across the globe are seen using digital currencies for quite some time now. And, because of this inclining graph, many analysts believe that Cryptocurrencies will have a bright future.
When we talk about cryptocurrency, the first thing that springs to mind is Bitcoin. But there are more virtual currencies that exist, and they are Ethereum, Cardano, Litecoin, Stellar, Polkadot, Dogecoin, and more.
The experts in the world of crypto and virtual currencies believe that digital currency is the way of the future because it has the potential and accessibility that is required to satisfy day-to-day payment needs but it will be possible only if the government allows it.
Cryptocurrency users think that if this occurs, Cryptocurrency would eventually replace existing payment systems and serve as a viable alternative to national fiat money and traditional commodities such as gold.
But everything depends on how the government takes this ahead. For a long time, we've heard rumours about a potential crypto law coming into action. The government also planned to draft one prior to the Union Budget of 2021 and that law had measures prohibiting the use of cryptocurrency. But it was scrapped, and the big announcement came when Union Finance Minister Nirmala Sitharaman cleared doubts and removed uncertainty over the future of cryptocurrency in India when she announced in her Budget speech that the Reserve Bank of India (RBI) will soon launch its digital currency in the coming financial year. India is set to join a handful of nations to launch its own blockchain currency. The flip side: The income from the transfer of all virtual assets will also be taxed at 30%. This has saved lakhs of crypto investors who were apprehensive about the future of digital currency in India.
Advertisements for crypto and its platforms have been on a rise. The goal is to make people understand that it is easy to buy crypto and gradually build confidence amongst the users. Crypto exchange companies are marketing Bitcoin and other cryptocurrencies as quick money, tempting young people into investing in them. But all they show is the good side and the ads lack the openness that is associated with cryptocurrencies.
With all of the above factors, there is still a question on how bright is the future of crypto in India. Will these currencies be used for something as common as buying groceries or will they remain to be a complicated and hard to understand process.
While we go and search for the answers, you let us know which is your favourite cryptocurrency.