The blockchain industry seems to be gaining good support in order to gain its survival with the help of influential companies experts along with evoking the vision of billion-based phones along with coming up with the gateways in order to come up with decentralized finance. In the modern world, one can find the capabilities of Wall Street that can be seen found in different places claims the experts like Balaji Srinivasan, called angel investor who works as a chief technology expert in the company called Coinbase Global Inc that remains the biggest Crypto Exchange in the US that seems to go public. The CTO claims that they plan to make every smartphone a bank account and at the same time also a bonafide Bloomberg Terminal claims this man in the blog as per Bitcoin Superstar.
We have seen Mobile banking emerge like a financial exclusion, and it has remained a chronic issue when it comes to emerging markets. While in India, one can find a number of payments going beyond 60 Billion USD that are coming along with every single month through different wireless devices, and more than three-fifths times have been reported when it compared with the ATM withdrawals. Just after a year, the cash was seen coming up with 37 percent, while the rate of digital adoption seems to have gone beyond the checks that are ready to vanish very soon. However, as India is doing well in terms of mobile payments, people except in the digital currency communities are ready to understand things. The fact of the matter is that the Indian bureaucracy circles have developed resistance against the new idea. Also, digital currencies and bitcoin are misunderstood the most, and they feel that they motivate the instrument of money laundering offering no big benefit for the same.
The country has the blockchain industry in the early stage, and it remains as seen a few years ago, and now one can see it growing but under the garb of fear. As per media reports, one can find a new law that could ban all the money in a big way unless the banks could generate their own electronic cash. One can find the advocacy of Srinivasan to be in a critical time while the digital wallet can be seen handling the top central bank based electronic cash along with the digital currencies that are seen ending up the abilities to carry out the transactions in a complex way and thus end up attracting the digital capital in and around the 20th century as found in the financial systems that are indicated in the blog post. A lecturer based at Stanford University also was seen talking about the same expressing concerns for the country’s plan to ban digital currency in India.
Srinivasan was based in the said university, and they came up with several smart contracts that are seen coming along with the lines that are seen getting the digital currency codes that can become the alternative to the traditional paper agreements along with the calculations which are seen owing to the enforcements as seen in the courts. This seems to be in the early days when we saw people living with their buzz, and people with small size contracts are able to upend the traditional finance. One can find the digital capacity when it comes to reaching out to the internet-based users in the country that are coming close to the one billion marks as seen by the end of 2023.
Many experts feel that the message is coming from the government agencies stating that the technology industry keen on taking up the blockchain industry to the next level is going to cause harm to the country’s economy if they plan to ban the digital currency. Now the Indian community supporting blockchain technology or dealing with bitcoin and other digital currencies are now adding pressure by saying that the country will have to suffer if they choose to ban cryptocurrency. The message seems to be loud and clear as one even finds the top technical gurus like the Infosys guy Nandan Nilekani is also opposing the ban on digital currency. This should give the policymakers a chance to take a second thought on it.