Cryptocurrency will get the green light but the essence of waiting for regulation

Cryptocurrency will get the green light but the essence of waiting for regulation

 On the first day of last week, the government held an important meeting to discuss the issue of recognizing cryptocurrency, which was attended by members of parliament and the leaders of the crypto industry. Of course, this decision is good and welcome. There has been a lot going on in this relationship so far. Billions are being traded in this currency without regulation. But now that regulation is coming, it will be important to study it and move on. Don't be fooled by the current cryptocurrency ads that make big claims with big numbers.

Cryptocurrency will get the green light but the essence of waiting for regulation

Thus, crypto news is now becoming essential for TV channels as well as newspapers and magazines. Volatility in the prices of various cryptocurrencies fluctuates online, as do stock market stocks. Are there crypto securities, assets or commodities?  That too is not yet clear. The retail investor class, including celebrities and the affluent, has also become active in cryptocurrency. The growing area of ​​crypto is hard to stop. The best solution is for the government to implement its regulation as soon as possible. It is commendable that the Modi government has started preparing for this. According to the current debate, the Government of India is more likely to recognize crypto as an investment instrument than a currency, and may even consider it valid for certain payments. In addition to the crypto exchanges operating around the world, millions of investors, including banks, NBFCs, payment banks or institutions, are also eyeing the government's decision in this regard. The decision is expected to come in the winter session.

From the barter system to bitcoin

At one time in our country and also in the world there was a barter system for purchasing goods or services. Men were giving one thing against another. Gold was also used as a currency. This practice lasted for years. Then coin and paper payment started in rupee. With the advancement of technology in modern times came many ways and means for payment or financial transactions. After online payment, card payment, money transfer, banking facilities, various other mediums including Google Pay, Paytm have also come into operation. Over the past few years, cryptocurrencies have spawned a new revolution around the world at a time when many avenues of economic transactions are opening up. Although India is the most viable investor in this revolution, it is still reluctant to recognize it, but the good thing is that it has kept its mind open. Now that the world is moving from the whole barter system to bitcoin, it's time to look at the present and the future rather than dive into the past. This is a great opportunity for India too, it is time for India to take firm decision to take advantage of this and make its place in the world, otherwise the crypto revolution has just begun.

Cryptocurrency will get the green light but the essence of waiting for regulation

The power and spread of crypto

Although cryptocurrencies have not yet been officially recognized in the country, exchanges of these currencies (here we will call them platforms) have been in operation for some years. Although there are no official standards for establishing an exchange, trading, investing or currency, its operations increase day and night and do not increase day and night, as these operations can last up to 8 hours. Now the matter has become so huge in all respects that it has become imperative for the Modi government to take a decision on its regulation in the next budget or earlier. In this global scenario, India cannot be completely deprived of such a powerful currency. Especially when India has the highest number of players and participants in the world. Millions of Indians have become involved in crypto investing and trading. This number is also likely to continue to grow. The question now is whether the people of our country have invested in cryptocurrency as an investment, but now people are attracted to it, because it is simple, with extraordinary price fluctuations, high earnings expectations, small investments and even small investments.

SIPs like mutual funds

SIPs (Systematic Investment Plans) can be like mutual funds. This currency can also be invested in fractions, which is one of its major features. Just as an investor can buy or sell a share, so too can certain shares be bought and sold in crypto. Suppose the price of a bitcoin is Rs.54 lakhs, but you can buy a bitcoin of only five thousand or 25 thousand rupees if you want. The price is also expected to touch Rs.70 lakh to Rs.75 lakh in the future, as its investors continue to grow.

Price of investment despite lack of understanding

The funny thing is that out of millions of investors, very few will have enough understanding of cryptocurrency. What and how much risk there is in this, most people do not know, because this is not a physical form of the currency, but only a virtual form, for which it is not yet clear who is responsible. There is a lot of confusion and uncertainty about this currency, yet in this way the flow of investment in this instrument is constantly increasing. Of course, smart investors and planners as well as investment advisors have started studying this. In addition to stocks and mutual funds, investors will also have advisors in this currency market or segment. All of this work will be done online, so knowledge of technology will become indispensable.

Investors like to save

In short, the invasion, expansion, and propagation of cryptocurrency is taking place with such vigor and vigor that there is no way out except by adopting this currency. This is becoming a world currency. However, China has not yet accepted this and the currency is banned. The Reserve Bank of India (RBI) had at one time imposed such restrictions, but the Supreme Court overturned such restrictions when the case went to the Supreme Court. Crypto is currently being welcomed by various countries, including the United States, and some countries have even begun to regulate it. There are many names for cryptocurrencies, the most prevalent and expensive being Bitcoin. Of course, over the last year or so, new cryptocurrencies have been coming in, the prices of which are so low that even the common man wants to invest in them. Of course, to be safe from such high prices and its fluctuations. The trend of investing and speculation is expected to increase after crypto becomes the official currency. The cost of financial transactions will decrease, remittances will become easier, faster, transparency will increase, credit card, debit card and similar means will also be affected. Smaller payment banks may also be affected to some extent. Demand for other currencies may also decline.

RBI Governor Shaktikant Das, meanwhile, questioned the trading volume and number of investors in cryptocurrencies, saying that such high figures were likely to be exaggerated or spread to attract more investors. However, they believe that the main reason is the steady increase in investment flows. We'll talk more about this next week. However, it would be wise for you to start studying this subject.

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