CCI penalises 24 entities, individuals for bid rigging in Indian Railways tenders Counting backwards, just 12 years down the lane, Crypto-world was an alien community to just about the entire world.It still is, but the percentage of such people has reduced drastically.From the times when people were found questioning its sceptical nature, speculating about its pseudo named creator, seeing a likely proposed ban, to disclosing it in IT Returns from the April of 2022, India has come a long way.The undisclosed future still remains behind the curtains.But ever wondered what does the crypto-world mean for us Indians and what is the future of cryptocurrency in India? Umesh Prajapati and Pramod Yadav , the co-founders of SunCrypto , a Jaipur based firm answer.
Is there any ban lurking ? “Well, if it would have, we would not have been here,” said Pramod with a smile.He adds, “Back in the year 2021, the Indian Government was seen wanting to propose a ban, but finally in the year 2022 we could only find the intention of regulating it.Cryptocurrency has taken a strong lead and to ban it outrightly, presently does not seem possible.” Speed of the internet has paced the digital space to new levels.
Financial transactions have now taken up the digital route and the digital currency is growing aspace.Huge and bulk transactions are possible at the count of seconds and minutes, in a secured yet undisclosed manner.With blockchains, and cryptocurrencies advancing ahead, the cross border financial transactions, arts, logistics, secured records and so much more are transforming themselves into the digital mode.Answering a question on the future of crypto in India, the Finance Minister Nirmala Sitaram stated, “many Indians have seen a lot of future in it, and therefore I see a possibility for revenue in it.” Speed acceleration The modern times trade calls for speed acceleration.
Gone are the days when people could afford the luxury of in-hand-days of having the trade complete.The new times witness millions of transactions happening within minutes.
There is a need to have the money credited within seconds and minutes in accounts, and not hours and days, particularly when the amount is huge.“Normal banking does not have this so-called instant transfer facility.
Cryptocurrency has this possibility.The transfers here happen with lightning speed.This acceleration facilitates more business and hence leads to a flourishing economy”, says Umesh.Low trading fees Financial transactions involve a fee to be paid for trading facilities.The trading fees in cryptocurrency are comparatively much lower.
Also the currencies offer a choice.Here, for trading purposes, one has the option to select the cryptocurrency with lower fee than the other.Inflation cover Prima-facie cryptocurrencies do not seem to have a direct relation with the inflation, but a look inwards points towards this.
To understand it simply, it can be said that there is a cap on the supply of each crypto currency .“Any increase in demand causes the price of the crypto currencies to rise.But the demand cannot be met with generating that particular crypto currency more.Crypto currency has a very secure system and can only be added after a block is created.
Block creation in itself requires the consent of all the minors concerned, which is extremely difficult in case of scrupulous activities.Apart from this, if there is a challenge faced by a normal banking system, the central banking system comes as an aid and provides the necessary funds.The pressure is ultimately faced by the central banking system.This somehow can result in increasing the inflation”, explains Umesh.
This new technology-based environment has multifold opportunities for a generation of employment in India.The benefits of the crypto world are multi-dimensional as it goes hand-in-hand with the requirements of today.The technology behind it makes it more secure, viable and more in sync with the much needed times of today.Disclaimer: The views expressed in this article are those of SunCrypto and do not represent the views of Times Of India (TOI).
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