India’s Divergent Views on Cryptocurrency
Seasoned Market analyst Deepak Talwar covers all aspects of Cryptocurrency in the Indian market, he also sheds light on the current scenario concerning Cryptocurrency in the country.
Cryptocurrency has become extremely popular, over the past years surpassing all expectations. With more than 1600 of them in 2018, the number has been constantly increasing. Cryptocurrency basically eliminates the problems of modern banking. Some of the most popular ones are Bitcoin, Litecoin, Ethereum, and Zcash.
Cryptocurrencies are primarily digitally created records, supported by blockchain technology, that capture, and record who owns what amount of that currency. This record is captured in such a way that the record can not be simply altered. Another fascinating feature of cryptocurrencies may be a piece of an algorithmic program known as “proof of work”, which needs somebody to “work” hard to be able to verify the latest transaction of say a bitcoin being transferred from one owner to another.
This “work” involves employing a complex algorithm involving “proof of work” on computing infrastructure, and also the very first one to unravel that algorithm gets to record the dealings and pass it to all or any alternative electronic distributed ledgers. Within the process, the party confirming the transaction gets some bitcoin as a reward.
Seasoned market analyst Deepak Talwar observes- “As far as cryptocurrency is concerned in India, the government and investors hold opposing views on financial technology. Cryptocurrency in India is thriving, the market has been booming and retail investors showing unmatchable enthusiasm. With over 10 million crypto investors (increasing on a daily basis) most Indians are wholeheartedly accepting cryptocurrency.”
With the cryptocurrency gaining an edge over the others it is essential to provide significant information to the interested individuals regarding the same. Deepak Talwar, a prominent market veteran puts forward some advantages of Cryptocurrency. The major ones being that it’s self-governed and managed, completely secure and private, and exchanging currency becomes an easy task.
Deepak Talwar also uncovers the other side i.e. some cons such as, Bitcoins can be used as a mode of transaction in illegal deals and it might be untraceable as it is not monitored by the government. The susceptibility to hacks is also extremely high.
“After scrutinizing the configuration and the pros and cons of employing cryptocurrency, the Indian government has taken its stance against that. It has proposed a bill that will ban cryptocurrencies. It is one of the world’s most stringent policies against cryptocurrencies and would criminalize possession, issuance, mining, trading, and transferring crypto-assets.” said Deepak Talwar.
Most of the world’s developed countries such as The United States, Canada, Australia, and the European Union have given a thumbs up and said yes to the use of cryptocurrency. Whereas Asian giants China and India along with Russia and Vietnam deny the prevalence of Bitcoins.
A prominent face of the Indian market, Deepak Talwar highlights the current situation regarding Cryptocurrency in India and also the consequences of the government’s rigid stance on the matter. He says “ One year after the SC order, banks of India have become uncertain of providing financial services that regulate crypto transactions. Banks such as ICICI Bank, HDFC Bank, SBI, and Yes bank had initially supported and provided services to crypto based companies, some of them have started blocking the crypto transactions and are distancing themselves.”