I was asked a question on QUORA whether BITCOIN can contribute to the economy of the country? Below was my reply. I am also posting the link at the end of the post.
BITCOIN is just one Cryptocurrency based on the Bitcoin blockchain. It of course was the first Cryptocurrency of the world. Bitcoin in itself has 2 use cases - transfer of value and store of value. Depending upon the local country specific laws, use as a currency may be legal or not legal.
What can really contribute to the economy is opening up doors for the blockchain based industry. Today this industry has a market cap of more than USD 400 Billion. There are countries like Singapore, Switzerland, Estonia which are today welcoming companies to be set up with benefits like tax rebates. These countries have also been proactive in setting up regulations around ICO's.
Just like the IT industry put India on the IT world map, blockchain industry has the potential to do the same provided the government takes cognizance of this opportunity and capitalizes on the same. India has the skills required to make a mark on this technology domain.
https://www.quora.com/Can-Bitcoin-change-the-countrys-economy-for-the-better/answer/Kuldeep-Kaul-18