The current judgment by the Supreme Court of India has once again come in favour of crypto players and those who think cryptocurrency that has the potential to mould the financial system. In recent months, there have been significant developments that have taken place showing signs of the growing interest in crypto trading among people of India. And currently, it is complementing by legal and institutional precedents owing to it. A very recent development is crypto payment cards that can play a pivotal role in cryptocurrency adoption in India. Let us explore more about it.
Cryptocurrency has become a popular phenomenon in today’s contemporary financial world. The main contribution behind its influence goes to Satoshi Nakamoto, who came up with the idea of bringing newly decentralized monetary currency, Bitcoin on 3rd January 2009. The success reached so far that people became curious to buy cryptocurrency in India encouraging cryptocurrency adoption.
Now even many startups are entering into the crypto arena, betting upon a change in blockchain technology. All this indicates the trust of the latter digital ledger technology and how it is reshaping the business operations in all spheres. There were many criticisms on India being left out from the global race and to make its influence in the blockchain revolution. Two years back, the Supreme Court of India had turned down the ban imposed by RBI directives. The ban executed by RBI stated the risk of cryptocurrencies for the banking system, for which the apex bank gave directions to the banks do not deal in cryptocurrencies and prohibit crypto player’s account. But now it won’t remain the same.
VISA has even disclosed its plan for a partnership with companies based on blockchain technologies and to fence the distance between cryptocurrencies and merchants. Joining the brigade for cryptocurrency adoption, even MasterCard has also come up with the new innovative plan by issuing payment cards via the approved crypto platform for virtual currencies. This will surely fuel more interest among the Indian people for trading in cryptocurrencies.
Besides covering other news from different fields, Indian media is also taking much interest in providing updates on the rise of crypto exchanges amid the crucial lockdown situation. The initiative of cryptocurrency adoption taken by MasterCard and Visa will certainly benefit crypto lovers in India to use crypto payment cards as digital assets wherever these two popular payment modes are accepted by traders, officially.
The emergence of crypto payment cards will no doubt pave the growing importance for cryptocurrency adoption in India and make it become a mainstream financial technology. The initiative is also connected with the Digital India mission launched by the current Prime Minister of India, Shri Narendra Modi on 1st July 2015 with the motive for creating strong digital financial services.
If this operation gets implemented, then success may let new coming startups experience new blockchain innovation that would be a great help in the financial ecosystem for the people in towns. If there are no further strict regulations from RBI directives, then no one can stop India from becoming the biggest country to experience in trading cryptocurrencies. If common cryptocurrency exchanges get a chance to work with global payment biggies, then it would result in bringing a million new users.
So with the implementation of the crypto payment cards, one can surely imagine the growth of cryptocurrency adoption in India. Only if there are no further strict regulations by RBI, then cryptocurrency would surely make its influence in this country. Also, you can see that day by day, blockchain technology is gaining so much importance in every industrial field, be it agriculture, education, textile, animation, artificial intelligence, and so many others to include. So just imagine, at what peak will this technology will be when cryptocurrency gets adopted completely. So let us see what lies ahead in the coming years. Till then, stay abreast of the Cryptoknowmics website.