In today’s world, the concept of cryptocurrency is not new to the society and doesn’t need any explanation as well. It is now considered as a hotly talked topic in every nook and corner of the world. The topic of cryptocurrencies is now inspiring many young souls globally. Starting from the dinner tables to corporate boards, bedrooms to parks, everywhere you can hear the discussion about the cryptocurrency. But, in India, government officials are continuously warning the users to stay away from the gossips of cryptocurrency and not to do any transactions, which do not have any authorization and safety policies. Unorthodox and young Indians are somehow putting their hands on this phenomenon, which is not accepted by the country.
The present scenario of the cryptocurrencies in India has become a speculative issue, and headlines are streaming in every channel. Thus, the some of the Indian cryptocurrency exchanges have to pack their bags and need to shift to abroad base so that they can resolve the problems and balance the crackdown.
This has led to affect the economy of India and has restricted the path of several start-ups companies to venture into the new world of crypto space, aggregators or exchanges, and coin miners as well. In the last few days, the government of India has certainly taken many steps to support the concept of disruption and innovation as well. Extending this idea towards a better future of the country regarding cryptocurrencies, bureaucratic and administrative hurdles are somehow reducing and helping the investors to develop the Indian economy.
Here is some of the radical transformation in India, which would achieve by a flexible and active cryptocurrency economy. Let’s have a look at them!
Small Merchants To Get Benefits From The Digitization
The advent of technology has led to many changes in the country, mainly digitization, which are being guided by the internet connectivity as well as Smartphones. However, the wave of Aadhaar authentication or the e-KYC, and Jan Dhan has also become the talk of the town. All of these sources are helping the society to have secure and flexible transactions and paying the amount digitally. Furthermore, POS machines and the internet payments facilities are emerging in the markets and are considered as key drivers for various sectors such as banking services and much more.
However, the cost of digitalization is decreasing in many aspects; still, it is considered as a costly affair for some of the merchants due to the involvement of the intermediaries like banks, which inflate the amounts of the specific transactions. POS machine has proved its best, but, many of the merchants are failing to pay the interest amount in time. Thus, to resolve these issues, cryptocurrencies based transactions are being used, which are highly appreciated by the small merchants, as they can pay a lower cost for it. These are also minimizing the burden of data packs as well.
The economies that are led by the cryptocurrencies are fundamentally decentralized and does not need a huge amount of resources and time to maintain the system as well as transaction. The involvement of the third party is also not allowed, and the amount of effort and time will be less as compared to other settlements.
Financial Transactions Are Safe From The Thefts
The financial states of the country always have a fear of thefts, and today, the economy of the country is not safe. Thus, the vulnerabilities are increasing and encouraging the chances of hacks in the country. To reduce the impacts of data leaks, credit thefts, and bank frauds, adopting cryptocurrencies would be a good option. If this system is used, complete control will be ensured for every transaction, and by virtue of it, personal information will be saved.
Strong Competition With The Global Economics
The present generation of the country is competing with the global economy, which is due to the advancements in the technology; rise in the internet facility and due to the entrepreneurial ecosystem. All these facilities are now trying to match up with the global developments, and amidst these situations, cryptocurrency is taking the Indians towards a new world. The global phenomenon is changing, and Indians are building up their assets to have a secure future further.
Cross-Border Active Payments At An Amazing Speed
One of the best things about the decentralized economy is its speed, which is now making everything possible, better than ever before. The decentralized economies are led by the cryptocurrencies applications, which also help in cross-border payments. In the present scenario, making some international payments needs more than five business days, which are not appreciated as it consumes more time and resources as well. To reduce the time and resource, cryptocurrency concept came to the limelight and is beneficial for resolving various problems such as stress, tensions, and workloads as well. Even if you are far away and have the distance of an ocean, the message will reach the receiver in time, and you will have safe money transfer in a hassle-free surrounding. Thus, cryptocurrency helps the merchants and Indians to have quick and safe services without having any burden of exchange rates and much more. Furthermore, the value of each transfer will not be linked with any exchange rates and levies. Thus, it provides you maximum satisfaction and authority to manage your stuff.