In the last fortnight, Bitcoin and cryptocurrencies have driven the world by a storm. The currency has reached $22,000 in value and is being compared to gold.
The government’s vigilance on bitcoin
The condition of being alert exhibited by governments has also showed the right path for followings. S&P Dow Jones Indices last month exposed that it would launch cryptocurrency indices in association with virtual currency data solution company Lukka in 2021.
India leads to scepticism
The initial enthusiasm with regards to cryptocurrencies in India has now led to scepticism. RBI tried to review the system by stopping the banks to be allowed and payment entities to deal with cryptocurrency exchanges.
Government as it’s partners
The government has an option to be a partner in crypto development. Unless it analyzes how the market works, it cab never suddenly be able to assume the role of a regulator.
Dependency of the future gamings
The future of gaming also depends on these virtual coins. Although gaming in India is still at a nascent stage, it is developing fast, and people are spending more on gaming than it was ever did.
Awareness of the government
The government has to be aware of cryptocurrency monopoly. By banning, and not regulating the service, the government is giving a free hand to the big companies to enhance their assets, Once the market is open a ban can’t be sustained forever the government would have little control on the market.