Cryptocurrencies Are Here to Stay

In a conversation with Blockchain Advisor, CA Naveen Sharma, the Chairman of The Institute of Chartered Accountants of India (ICAI) Dubai Chapter, speaks about the opportunities and challenges of cryptocurrencies, and the promises Blockchain tech brings along.

What is your take on the whole cryptocurrency mania taking over the world?
At some stage of our life especially in last 2-3 years, we all have experienced the cryptocurrency mania. These are mostly unregulated currencies, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency. There are a mixed reaction and sentiments about cryptocurrencies in the market.

Many governments are warning their citizens about the risks of these currencies while on the other hand world’s biggest institutions and companies are trying to find the way to incorporate bitcoin in their business model. The future of cryptocurrencies is uncertain but the technology behind it – BLOCKCHAIN is something, we all should be looking for because there is a great potential that the Blockchain technology will become the future of finance.

The most known cryptocurrency is Bitcoin. Cryptocurrencies have their known advantages such as cashless transactions, easy access, more confidentiality, lower fees, and so on. Despite having all these advantages, the one thing which can go wrong is no government control over these currencies. The biggest cryptocurrency in the market ‘Bitcoin’ is free from any governing authority. If the currency is stolen from your digital wallet, you cannot take any legal action.

All the things have its pros and cons, but the growth in cryptocurrency market and interest was taken by many countries to involve the cryptocurrency in their economy shows that people are willing to take the risks associated with cryptocurrency. I feel cryptocurrencies are here to stay and in the recent years, we will see the increase in capital base of cryptocurrencies.