Will the Indian government accept bitcoin as a legal tender?
Cryptocurrency is a digital investment opportunity that you can exploit whenever you want. These are available everywhere, and anyone can use them without even the permission of the government. The basic idea behind creating non-fungible tokens and cryptocurrencies is to ensure that people can have something that is out of government control. It does not mean that they are completely ridiculous and you should not invest in them, but the government will not be able to control their price. However, if you are planning to start your trading journey, you may use a reliable platform like profit builder. It will give complete control in the hands of the owner only. So, it would help if you understood that cryptocurrencies were made with the idea of providing a decentralized medium of three making transactions and storing wealth for the people so that they can have freedom of their financial assets.
However, a few countries aren’t enthusiastic about bitcoin. The USA is an example. It is a nation where every technological advancement is accepted with open hands, but the concept of cryptocurrencies is not supported. So, the question now comes to India. India is also a developing nation; therefore, it should accept any technological advancement possible. However, it is ready to take into consideration Blockchain technology, but it is no longer any closer to accepting the cryptocurrency. Money is a crucial factor here. It is not only one thing that the Indian government is not ready to accept bitcoin, but there are many of them. So, if you need to know about these reasons, you have to get details about them from this post.
One crucial reason why the Indian government is not looking forward to accepting bitcoin or any other cryptocurrency into legal tender is that it is not very easy to be regulated. Moreover, there are a lot of complications around digital tokens, making them very difficult to add to the legal system. As a result, you will find that the cryptocurrencies were never regulated, and in the future, if they are regulated, they will lose their prominence. So, the Indian government is wholly justified in its actions of not accepting bitcoin as legal tender.
The freedom in the hands of the owners of digital tokens like bitcoin is too much. It can also be considered a very threatening phase for a nation’s finance. Moreover, the banks will be left with nothing, and people will switch to cryptocurrency. The infrastructure required for cryptocurrencies will be completely different; therefore, crypto will not be accepted legally in India. Moreover, it will threaten the financial system, which is not the best thing for the Indian nation at this point.
Another preeminent reason why the Indian government does not look forward to accepting bitcoin or any other cryptocurrency into the legal system is that it can be considered a financial track. India, China, and other prominent nations have also raised these concerns. Bitcoin is not regulated, and it is tough to put some rules and regulations on it. In the rules and regulations that will be made, people will no longer accept the bitcoin. So, these kinds of cryptocurrencies are tough to be regulated and can be a financial threat.
Accountability is essential when it comes to digital tokens or any form of money. However, Fiat money is very much regulated, whether cryptocurrencies or not. To regulate cryptocurrencies, a completely new infrastructure, as well as the mechanism, will be required. It will be tough for a developing nation like India to set up all the infrastructure and make a different department for the regulations and accountability of the bitcoins and other crypto coins. So, it is also leading to the delay in making BTC legal in India.
India is a place where criminal activities are increasing every day. It is becoming a grave threat to the nation and every citizen in India. Moreover, criminal activities are also considered to be increased with the help of crypto coins. Nobody is put up due to the government’s lesser accountability and lesser control over the bitcoins and other digital tokens; they can be very quickly used for criminal activities. Anyone can provide funding to terrorist organizations with the help of this digital token technology. Moreover, they can be used for extortion of money which is another grave threat with the crypto coins.