Recently Reserve Bank of India or RBI made it clear that it would restrict all of his banks from providing a platform for buying any digital currency. This step was not welcomed by everyone. Especially for young investors who saw digital currency as future of the world. Maybe it is too early to say but we think that the Bitcoin or any other digital currency may replace the traditional money we all know today. But Indian government have heavier responsibilities and it doesn’t want any of his citizens to get cheated.
The government needs more time to take a firm decision about trading in digital currency. It feels unsafe with that and thinks that without any responsible party this industry is just like a soap bubble. Sooner or later it is going to burst. And due to sudden bursting, many investors may become bankrupt. This will spread a wave of disturbance in the National Economy. And Indian government doesn’t want this thing to happen. That’s the best solution for them is banning it from trading in India.
“Decentralized Currency is not reliable”.
Very few people believe in this statement. They don’t find digital currency as reliable as their own currency. In recent past, there were many cases of theft registered. This further strengthens his thought. India is somehow more stable currency with nearly stable currency value. In some Europeans countries, many times the currency crashed and people find it very difficult to the vulnerable problem. But as in case of India, there were rare cases of crashed currency or crashed market. This may be the main reason for the popularity of Cryptocurrency in the western world than in India who finds it as unsecured money.
Investors don’t like the step of Indian government of banning Banks from allowing their customers to trade in digital assets. By the step, they feel little bit unsecured. As Bitcoin was the first decentralized digital currency that means it was not under the control of any third party agency. But Indian government interfered directly into the business. It destroys their personal liberty in the market. Investors always want a real environment to work in. They want the liberty of thoughts and money.
There is a slight possibility that Indian government wants its own digital currency to get introduced in the country. Due to this, they want to remove all possible threat to their own currency. The government can introduce semi-decentralized as well as semi-controllable digital currency for their country. Due to development of Blockchain technology, it is easier to rectify errors and make the system more reliable. In coming future government may look forward to using Blockchain technology in the much broader area. Recently ICICI bank made a record-breaking growth in the field of Blockchain. This may be the milestone for the technology in India.