Crypto has taken over everything!
It has been changing the business market in every corner of the world including India. But, for a country who is engulfed in traditional values has a hard time stepping out of their comfort zones and trusting newer values when it comes to almost everything. Exploring isn’t second nature to the country and the Indian government banning Bitcoin explains it all. The banning of Bitcoin is the same as sledgehammering your own foot, not by accident but deliberately.
What’s Up With India?
The banking services just like all over the world follow strict protocols to guarantee that malicious content and practices between all parties don’t take place. But, if the protocols are not followed people are penalized to make them learn a lesson. It’s a pretty good system to keep order in society.
What The Hell Is Bitcoin?
Bitcoin is a digital currency which runs on the blockchain ledger. Crypto-enthusiast (they’re just normal people) use various cryptocurrency exchange platforms to buy, sell and trade their crypto for financial purposes or whatever they want it for, no questions asked which is the most fun part of using crypto!
What’s Wrong With Bitcoin?
The cryptomarket is run by the people and that’s the biggest problem in the eyes of the Indian government. They’re not a big fan of decentralization and handing over the power in the hands of the people. After all who would want to give up their throne right?
The thing is, all cryptocurrency like Bitcoin allows transactions between two parties completely kicking out the involvement of the third-party. The interference of the third-party always means they’re going to unnecessary delays which can make anyone run out of patience.
With transaction processes anonymous and records available publicly with the help of the blockchain technology, the Indian markets see it as a threat because these operations simply don’t comply with their strict (old-fashioned) protocols. So, what do we see? The financial markets are wishing for the crypto-market to be a bad dream! Too, bad! Crypto is here to stay and sooner or later the Indian market will realize that.
The War Between India And Bitcoin
The India markets are always playing it safe when it comes to financial markets and analysis. They’re afraid that if they don’t there probably get into an economic crash. In comparison to other rapidly growing countries, India has a gross domestic profit (GDP) and it’s harder for them to keep up.
Finally, when the Bitcoin storm hit the Indian markets they saw it as a threat. Financial analysts in India saw it as a way for malicious practices to screw the Indian economy and bring it to its death. But, of course, there wasn’t enough evidence to ban Bitcoin officially.
Damn You, Scammers!
Of course, there are certain limitations to technology. After all, Bitcoin is a digital currency and it’s not perfect. Scammers have used Bitcoin and cryptocurrency to scam people and rip them off. There have been fake ICO’s and the list goes on which gave good enough reason to the Reserve Bank of India (RBI) to give in the notice to stop all practices involving Bitcoin and other cryptocurrencies.
India has no plans to lift the ban on Bitcoin and indeed it’s a sad day for all the Bitcoin lovers in India!