The last month was not good for the Indian investors who were trading in digital assets. The RBI banned all his banks from allowing them to trade in the Cryptocurrency. This decision was very cold for the market. India has a very good share in the global market. And any decision of government agency play a vital role in the market.
Why Government ban Cryptocurrency?
There could be many reasons for that. Indian Government do not find Bitcoin and other digital assets safe and reliable and wants more time to take a firm decision for the future of the digital market in the country. The government wants to prevent its investor from the death trap. We know the word is too heavy but feels perfect here. As Bitcoin is the decentralized digital currency that means it is not under control of any bank and government agency. This makes it unreliable in front of the government. The government doesn’t feel safe about them. That’s why they ban them within their boundaries.
Is Cryptocurrency a need?
Yes, this is no doubt question for sure? Cryptocurrency is far better and reliable than any national currency of any country. It is safe and secure. It is not under control of any third party. All the transactions are crystal clear and unalterable. Every byte of data is secured and saved by Blockchain technology. This provides an error less platform to do business. In coming time there is a strong possibility of replacement of traditional currency with new and errorless digital currency.
Will government introduce its own Cryptocurrency?
As per now, this seems to be a rare phenomenon but as told earlier that Cryptocurrency is needs of the future. Then in coming future, there may be some chances that the government comes forward with its own digital currency. The currency that will neither totally decentralized nor totally dependent. This may be the currency that can be a common mode of exchange. It will be operated and functioned by the governmental body. It will be more reliable and more sustainable. And due to the advancement of Blockchain technology, this system is going to be free from errors. It prevents the government and public from Frauds which are very common today.
Challenges to introduce currency?
There are many obstacles to introducing a semi-decentralized digital asset that was half under the control of government and half under the control of Demand-Supply factor. Moreover, the Blockchain technology was not yet fully operational in all parts of the country. But every day Blockchain has a wider area of operation than ever before. Sooner or later the government will come up with the idea of introducing a digital currency. Moreover, Litecoin founder Charlie Lee also thinks that in coming future governments will introduce their own digital currency. In his recent interview, he gave us idea government operated digital currency.
Can this act is beneficial?
Yes, the idea of introduction of owns digital currency was very fascinating. This will remove the error from the system and keep all the transaction safe and secure. Blockchain technology is key for next level digital safety.