Since RBI is against Crypto Assets there are 95% chances that cryptocurrencies will not come back to India again. For instance, Unocoin founder was arrested to launch a Bitcoin ATM in Banglore.
We need a strong integration of blockchain. Blockchain cannot be just used for financial purposes but we can create an all-new Decentralized stack with the help of Ethereum Blockchain.
Although cryptocurrencies are banned in India entrepreneurs can start up their Blockchain company registered in any supporting country such as Singapore.
What is Bitcoin?
Bitcoin is an open source decentralized digital currency which records transactions in a public or private ledger. It uses cryptographic functions and blockchain technology to perform transactions securely. Bitcoin uses a PoW algorithm which means it needs computing power to run the network. It was developed under a pseudonymous name of Satoshi Nakamoto.
Why Bitcoin is banned in India?
- One main reason behind banning cryptocurrencies was fraudulent practices held behind this node-to-node transaction system.
- It is out of Governments control with no central authority.
- Also, It is used to perform illegal transactions such as for human trafficking, child pornography, purchasing drugs and other illegal activities.
- Also, It is used for money laundering purposes as bitcoin is a node-to-node network service to perform transactions.
- Furthermore, Other factors are financial institutions such as Bank don’t need a competitor and using Bitcoin will reduce the dominance of banks.
Read Also –