Published on June 22nd, 2020
India’s central bank, RBI’s tough stance against cryptocurrency had made it hard for banks and financial institutions to do transactions in this form digital currency.
However, the Supreme Court of India ruled in its favor, and recognized its potential, giving a big boost to firms dealing in cryptocurrencies.
The apex court recognized it as a digital commodity rather than treating it as a threat to rupee, India’s currency.
Indians love to adopt new technologies. Be it smart phone to digital wallet, all emerging digital trends have got instant success in India.
Now that the Supreme Court has removed the major obstacle to the popularity of cryptocurrency, Blockchain-based startups are trying to make it big in India.
Algorithmic trading is taking place in bitcoin trader market, with minimum involvement of human efforts. CoinDCX, an Indian cryptocurrency exchange, has received $2.5 million investment.
Polychain Capital and CoinBase Ventures are expected to make big investments in the Indian cryptocurrency market.
Soon, many new bitcoin trading platforms are expected to be launched in India. They are in different stages of launch.
Some of these have ambitious plan as they are investing huge money to build powerful trading platforms.
The ongoing covid pandemic has come as a timely reminder that business not embracing new technologies will struggle for their survival.
The pandemic has hot those firms very hard which had not embraced new technologies.
There is already National Blockchain Strategy Implementation is place. Prepared by the Government think tank NITI Aayog, the policy has set the agenda for the introduction of blockchain in India.
India states are also warming up to various blockchain-based applications. Some states are using it to decentralize data.
In its ruling on blockchain, the Supreme Court had made it clear that India could not say no new technologies.
Facebook will be the biggest beneficiary of the apex court’s ruling as it is set to launch its own digital currency.
India’s many governance related problems can be resolved through Artificial Intelligence and new technologies. Digital currency could well emerge as a vital part of application of AI in governance.