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What is Cryptocurrency in IndiaThe way Bitcoin was invented, India was the first country to accept it as an alternative monetary system. While India started praising Bitcoin, it turned out that it could promote the scandal, with the political and economic situation in the country adapting to Bitcoin. However, recent trends show that India is becoming the first country in the world to regulate cryptocurrency.
Impact of DemonetisationWhen the Reserve Bank of India announced demonetisation of Rs 500 and Rs 1000 currency notes on November 8, 2016, the Indian public realised that the cash was unreliable. During that time, the landscape gave the country's young people a great motivation to turn to bitcoin. In fact around this time, a large part of the corporate world in the country was already using bitcoin. Since the digital coin gave the public a safe system to invest their money, a growing number of people started resorting to the use of bitcoin.
Bank account is not neededA large section of the Indian population still does not have a bank account. Bitcoin enables such a person to make financial transactions quickly and safely without a bank account.
Indian companies and BitcoinDell, including more than 500 traders in India and five of the country's largest enterprises, accepted payments in cryptocurrencies. This number is increasing rapidly today. No doubt Bitcoin is still not that popular in India. A lot of Indians like excessive paper money. However, according to a study of emerging trends in the country, the frenzy for bitcoin is rapidly spreading in the country.
Government of India and BitcoinEarlier in 2019, the Supreme Court of Indie came with a four-week deadline from the government to bring some cryptocurrency rules into the country. The government has already taken a tough stand to deal with cryptocurrencies in a strict manner and is hoping to ban it. The bill has already begun to be consulted under the name "Restrictions of cryptocurrencies and regulation of Bill 2019 of official digital currencies.". These steps of the country show us that the Government of India is clear from its hostile stand against cryptocurrencies.
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