While RBI introduces blockchain with its regulatory sandbox, cryptocurrency still hasn’t made its way into the system. Recently released drafts highlights RBI’s terms for cryptocurrency stating “may not be accepted for testing”. Cryptocurrencies have been facing challenges in India since its ban from all banks across the country in mid-2018. While most of the Crypto-institutions have been forcefully shut down, some of those have moved to crypto-friendly nations. Indian central bank’s resistive point of view on digital currency reflects in its statements year after year since 2013.
With lack of enthusiasm in this sector, crypto may not be part of Indian financial system anytime soon. But focusing on the positive segment, with inception of blockchain National Payment Cooperation India can hit a massive improvement. Indian banks association which includes 10 major banks with 54 other banks known as stakeholders of NPCI have been working for the same cause bringing Distributed Ledger Technology into their working algorithms. Fintech companies will not only bring quality boost into the system, but will also be working on research and development in innovative financial products or services within a well-defined space and duration.
Fintech markets in India are growing swiftly. Major Indian players predict industrial research to surpass value of 1 trillion by 2030. India is leading with investment of more than $6 billion since 2014 in Fintech ecosystem. This particular sector has immense potential if brought into existence with new and high-tech technologies like blockchain. Digital payments have been encouraged since demonetization and results of the same can be observed with the growth of The National Electronic Fund Transfer system which has increased almost 5 times since 2016. This particular sector has immense potential if brought into existence with new and high-tech technologies like blockchain.
Please let me know about your views & opinions in the comments below.
Seriously, India needs to be more open-minded. That said, there hesitation to accept cryptos is understandable considering that it's a currency outside of their government's control. But still, cryptocurrencies is the future and it can no longer be stopped and it'll be better if they adapt to the trend.
Hey @yuki-nee Completely agree with you. I myself believe that it is just the hesitation to accept. It will rather take more time but the world will eventually have to accept upgrowing crypto trend!
yeah, we are slow as usual! :)
Haha @honeychum True dat! We need to speed up!
India has always been among the last countries to accept any technology. Looks like History is repeating itself all over again.
Still very early to say anything, let's see what happens after elections. @pkalra
Yeah thats true mate @bunnychum Let's expect a lot of positivity in coming future ;)
Is this a recent stand? I mean I was aware of this as of 2018 but is it still the same in 2019? Or maybe it is the election. Once we are done with it in May, we should see something happening by June onwards.
Hopeful!
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Hey @oivas Yes this is the current stand. As far as elections are concerned, you are right, we should be hopeful to see some progress afterwards!
I really hope @pkalra. I have been on Steemit for more than a month but not once have I exchanged money back to Rupee. About time that this should become easy.. Legitimate earning right? After all we are writing and getting paid in Steem.
Anyway, let's see.
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With that situation in India. Steem as a platform to earn crytos by means of social media, can creep quietly into Indian households without worrying about regulation from banks and govt financial agencies. Although they will not earn much, but being comfortable with cryptos and easing of regulations will took time.
Spread the use of Steem and things will be easier next time.
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You are absolutely right @guruvaj Steem is wonderful plat form connect & earn simultaneously!
Let us keep promoting steem daaps @pkalra specially in India.
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I hope people can use crypto the easy way there. :)
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Lets hope for the best @chesatochi