Although cryptocurrencies have led to an evolution in how people transact, several nations have not legalized the use of bitcoins and other digital currencies. India is also among those countries where one can found millions of bitcoin investors but no regulatory framework specially developed for digital currencies. This leads to confusion for the new investors whether it is good to invest in the bitcoins or one should just ignore it from the difference. Actually, various banks in India imposed a ban on transactions related to bitcoins after the direction of the central bank, but the Central government is clearly aware of the benefits that cryptocurrencies can offer to boost the economy of India.

Yes, it is a true thing that bitcoin has the potential to drive the economy of India to new heights because its market cap has expanded to $1.7 trillion and still rising.

Is there any sign of action taken by authorities that can indicate their interest in cryptocurrencies?

  1. This is the only reason why the financial ministry of India is planning to regulate the use of cryptocurrencies and developed a system that can offer smooth operations to the investor and create a unique ecosystem for bitcoins. It has truly provided great relief to the Indian investors who thought that their investments in bitcoins have no future. But as per the experts, the thing will be completely different as India will soon get a structured regulatory network that will enhance their experience with the use of bitcoins.
  2. The blockchain network supports digital currencies like bitcoin, and the discussion will show how a transparent community with a compliant and sustainable economy will get developed. By this, you have surely understood that Cryptocurrency has made a permanent spot in the government’s mind, and they will not ignore it at any cost.
  3. The structured use of Cryptocurrency will offer a couple of great benefits and can be productive solutions to various problems faced by the Indian economy. This might be a reason that the Supreme Court had decided to lift up the ban from the use of cryptocurrencies. Now the crypto trader can be used for operating bitcoins.

Bitcoin is the best option to control global inflation

  • You would be aware of the fact that government has full control over the fiat currency, and they can easily raise the supply of ordinary money by printing more currency. But with the tremendous rise in the supply of money, there is a reduction in the rate of interest, which is a result increase in the Global inflation level. No asset can have an equal level in the entire world, leading to east exchange. But Bitcoins can be considered as a good alternative at this moment because it is a very complicated task to develop bitcoins.
  • Bitcoin mining requires a loss of energy and expenses, which is why its production is very low. There are only a limited number of bitcoin available in the market. So, one can easily invest in bitcoins and even consider it a store of value because there is no chance of loss. The only thing you have to do is take fluctuations lightly, as it is normal because of the volatile nature of bitcoins.

Development of regulations by the Country’s government means a new revenue generation option

  • Sidharth Sogani, CEO of one of the leading Research and Intelligence companies, mentioned that Bitcoin is an excellent problem solver and impresses millions of people by its decentralized nature for more than a decade. India has almost 7 million crypto investors and is still growing whose investment value in cryptocurrencies has been noticed in the billions. If the government of India will get ready to create a regulatory for cryptocurrencies, they will surely plan a tax stream for its transactions.
  • This will open a path of revenues to the government, and the best part is that a good amount of income will surely be generated as thousands of bitcoin transactions will occur every day. Even the expansion of bitcoin will open job opportunities for more than 25,000 people and even invite a billion-dollar foreign direct investment.

In simple words, if the Indian government will form a regulatory at an earlier time, the productive outcomes will surely be attained by the economy within a short time.