What Is the Significance of India Legalising Crypto Currency?

0
crypto currency

Crypto currency has already changed how assets are exchanged across the world. And it’s about to be introduced to India.

But what is the significance of this? Will it change how the Indian population buys and sells goods?

We discuss how Crypto currency has the potential to transform India.

No Centralized Storage System

Unlike conventional currency methods, most types of crypto currency use decentralized control. That means that assets transferred with it are not monitored by central banking systems. Whilst banks and other systems retain all information relating to an investment, this medium of exchange runs on distributed ledger technology.

This is a system that updates itself independently and saves copies of all documentation – such as the blockchain system. Because there is no centralized data storage, this means that control does not belong to one specific institution.

Actually, it isn’t owned by anyone – literally anybody can use it. But the question is, how will this benefit people living in India that want to invest?

More Economic – and Personal – Freedom

Because crypto currency does not offer centralized information storage, the spending data that it records is not governed by one particular institution, such as a bank.

Discussions between the Indian government and organisations like the RBI (Reserve Bank of India) over the effect of interest rates on the economy may have left many people uncertain over which banks are reliable when it comes to handing over their money.

For these individuals, crypto currency provides the ideal solution – and can deliver peace of mind when it comes to spending history information, too.

Avoidance of Fraud and Identity Theft

An individual’s crypto currency history can not be counterfeited or reversed by the sender. Therefore, when it comes to this form of asset transfer, fraud can be avoided from the word go.

Similarly, identity theft is not an issue when it comes to this medium. Whilst handing over a credit card grants a merchant complete access to its owner’s credit history, crypto currency enables an account holder to dictate how their details are presented.

What’s more, because leading platforms like OANDA now trade in crypto currencies, individuals and businesses can make transfers and remain reassured that their assets are being kept safe.

We live in a digital age – and so it’s unsurprising that we are seeing an emergence in digitized services for asset exchange. Crypto currency has the power to enhance how goods are bought and sold in India. But the question to ask now is, how will this affect trade on a global scale?

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.