The future of cryptocurrencies might change due to COVID-19. Do you live in India, or do you wish to know if using cryptos and trading there is going to be possible? In 2023, a lot of things could change. Latipost.com brings you some of the latest and most important strategies that you should follow if you wish to succeed in the crypto world. With their help, you will learn a thing or two about different bitcoin trading strategies that will suit beginners and crypto professionals. On the other hand, by continuing to read this article, we will present what you can expect in India and the use of cryptos. Here’s what’s going on in this part of the world.
Table of Contents
You might see some money launderers
A lot of people are worried about their anonymity, as well as how easy it might be to steal someone’s identity. A lot of terrorists are likely to gravitate towards some new virtual currencies. Crypto scammers are real, and if you are paranoid about them, make sure to double-think your money-saving process, where you store your details, and who you trust. Also double-check your info, log-in information, and if the site where you’re creating your profile is legit, as well as highly talked about, as well as reviewed. Sometimes it is a good idea to read reviews before you commit to something, or a specific purchase, especially when paying with cryptocurrencies. Make sure that your chosen site allows for different cryptos, and only then commit to your purchase.
India can expect demonetization
Did you know that in 2016, the Reserve Bank of India (RBI) had removed 500 and 1000 Rupees from the system?! By doing so and removing them from circulation, they ended up making an impact on 86% of the nation’s currency. Because of this economic crisis, 1.3 billion people found out that cash can’t be trusted, and the entire stock market ended up falling and failing by 7%. Sometimes and mid-2017, 2,500 Indians were investing in Bitcoin daily. BTC was avoiding all the political and economical turmoil, which made it super popular in 2017. This news was one of the most-talked-about in India at this period, which is why most people were turning to cryptos or at least thinking and exploring their options.
An unbanked country
India has the 7th largest economy in the world with its GDP of $2.5 million dollars. However and quite shockingly, over 40% of its population do not have a bank account! Can you imagine a world in which you don’t own a bank account? Nowadays everyone is using a bank account and credit cards for their jobs, as well as during day-to-day or everyday activities. This means that a lot of Indians do not feel safe with their money in someone else’s hands, and they don’t like to fill out the forms. This process can be quite time-consuming, and some people don’t want to pay for the maintenance of their cards. However, using BTC or some other virtual cryptos might make them feel happy and secure since they don’t have to set-up their bank account. In fact, BTC is quite practical and safe to use, and it will suit anyone who wishes to do fast transactions, no matter where in the world.
A lot of companies are using BTC
Some major companies and big players are using BTC as we speak, and as you read this article. In fact, over 500 merchants in India prefer this as their way of payment, and their way of salary. One of them is Dell, and this number keeps on growing day by day. People are slowly making this transition, and it seems like this crypto is getting accepted by others with ease, especially among younger generations. According to Forbes and its statistics, as well as research, at the moment more than 600,000 users in this country are using BTC as their main source of payment. This might sound like a lot, but think of the size of India! It has a population of over 1 billion, just to put it in perspective.
What about India’s government
India’s RBI depends a lot on its president, called Narendra Modi. He indirectly promoted BTC in 2015, which was 6 years back! A lot of his plans included digitizing government data, and the government formed an inter-disciplinary committee to check out his work and see the potential in some of the cryptos. Now, there is a talk about getting taxes on BTC. IRB should extend FEMA to cross-border cryptocurrency deals. Getting taxes might sound impossible at the moment, but who knows? This will truly depend from one country to the other, from one state to the other, as well as from one continent to the other. Hopefully, you won’t end up paying taxes in your case and where you live.
What might happen in the future?
Lastly, how much are things going to change in India and within their government? Will they regulate Bitcoins? Or do you feel as if you might experience loads of different security checks, requesting identification from users, as well as government-verified address documents? You will also be obligated to give your PAN or Aadhaar ID, according to some experts. There is also something intriguing on the market called the Digital Assets and Blockchain Foundation (BFI) which will help with further development and proper regulations of BTC. There is nothing concrete at the moment, and everything might change in a couple of months.
What are your thoughts?
So, what do you think about cryptos in general, and especially in regards to India? Do you use BTC in particular, or are you exploring some of your other and newer cryptocurrencies at the moment? People worldwide will appreciate this article, and you will understand how likely things might change in only a couple of months. Do you think that a bank account is a necessity, and were you surprised that most Indian people didn’t have their? Let us know where you stand!