Bitcoin in India
It is no doubt that the use of cryptocurrency is more like an important thing around the world right now. Cryptocurrencies in their own way have been able to meet the demands of its of people and also have been able to give income to some people. The world has evolved to a point sheer virtual coins that can either increase or decrease in value are now in use as means of transacting between two or more people.
Most cryptocurrencies currencies such as the bitcoin, Ethereum and some other available coins online are based on the block chain technology and they work on the basis of encryption. The cryptocurrencies have been incorporated by lots of economy around the world such as the Germans, Chinese, Americans and lots more. It has been viewed that all these available cryptocurrencies (virtual coins) have the potential of improving the efficiency and inclusiveness of the financial system. The virtual currencies have the potential of meeting the needs of the whole world in a matter of time.
Bitcoin India legal
In India, there have been a directive that there should be no bank in the country that will provide or serve as a medium through which people or individuals involved with the selling or purchase of virtual currencies. That is, there will be no bank or financial institution that will provide services to people dealing with cryptocurrencies such as bitcoin, Ethereum, and other related cryptocurrencies.
In the future there maybe no way through which those involved in the sale and purchase of cryptocurrency will be able to carry out their businesses. The directive of the government to prevent the banks in the country from involving in the use of cryptocurrency was due to the fact that a large popularity of Indians is uneducated and there have been a lots of scam issues around the world.
The government on its own part tried to keep its citizens safe by doing this. But with the increase in the innovations happening around bitcoin (and other cryptocurrencies) and the blockchain technology, the government should find a better way through which they can help avoid this rather than preventing them from going through the banks.
Though the bitcoin and other cryptocurrencies have taken a very great place in the world, it is neither a legal nor is it an illegal business in India. India has taken a place in bitcoin and they have been helping interested individuals with the transactions with no discrimination. Before the issue by the Indian government to prevent banks from helping with transactions involved with bitcoin and other cryptocurrencies.
There have been lots of problems or disadvantages associated with this such as are deduction in the value of the coin, high level of cyber theft and scamming.
Why cryptocurrency mining is not successful in India?
Based on the recent dubious act of a man who actually scammed Indians and other people around the world, the government believes that cutting short all form of aid available to customers from banks and financial institutions will reduce the involvement of Indians in the virtual currency world. Due to the rate of illiteracy in India, it is advisable to prevent its citizens from getting involved in cryptocurrency.