Cryptocurrency is a Curse on the Indian Reserve Bank – Programming Insider

Introduction

India is known as a country that embraces all the new technologies and for the first time, India failed to embrace the new technology of bitcoins. Specially bitcoins are very helpful when you think to trade online from anywhere on earth. As the other best parts like easily transferable and could be sent anywhere on earth, this coin is extra money for you.Internet Users are Increasing

A large number of people are gradually moving into the digital world or the world of the internet very quickly. As of now, it can be said that there are about 480 million internet users in India which are growing rapidly and soon it is expected to rise as high as 660 million internet users. This number of users have been given to be increasing by 2023, magically dragging more people to the digital world. This is really good news for bitcoin trading applications because the greater number of people will use the internet will be able to use bitcoins for a better purpose. As per experts and the bitcoiners, India is a much stronger fertile ground for the use of bitcoins.

Digital Population for the Younger Generation

A concept-driven technology is a cryptocurrency or a bitcoin concept. This concept of cryptocurrencies is most appealing to the young population of India. India has the largest number of people below 35 years of age which covers like 65% of the people while 55% of the citizens are below 25 years. The average age of an Indian is somewhat around 29-30. On average, if we calculate more than 870 million it below 30 years old. It makes one thing clear that most of the Indians should use crypto to have some great time earning money.

The IT Sector is Enough

India has the required intellect to grow the best base for an intellectual industry strongly on the earth. Luckily India has an abundance of access to the crypto concept, but it is a different story that they do not want to use it. India has the miserably high number of Computer Engineers and plenty of people who are fresh graduates they join the software industry PR the IT sectors every year. Not only that the graduates are interested, in fact, but some of the best and well-known companies are also in India such as Wipro, TCS, and HCL, Infosys, etc. Some of the Indian cities like Pune, Hyderabad, and Bangalore are house to the best IT sectors and Software shades in India which are known globally. This also proves that the crypto world can work in India very easily without brining much difficulty on the way to deal with it.

India always had and still has everything that is required to have a great crypto trade in the market but somehow, it has failed to accept the concept gladly and it still considers it to be a crime. There are many reasons that have led to the ban on usage of the cryptocurrency but the major setback has been brought by the RBI.

RBI is a Curse on Cryptocurrencies in India

The finance regulatory body of India is the RBI who is solely responsible for the banning of the use of cryptocurrency in India. As soon as the RBI banned cryptocurrency in India, the roots of Cryptocurrency began to freeze brick by brick in India.

Conclusion

The Coronavirus that affected the entire world has also added some disappointment for the ones who deal with cryptocurrencies. The crypto-community is India has been left open mouth for the kind of a disappointment that they are facing from the government as well as the pandemic.

See the rest here:
Cryptocurrency is a Curse on the Indian Reserve Bank - Programming Insider