Originally cryptocurrency was coined in the early 90’s by an American Cryptographer David Chaum when he conceived an electronic money named ecash. Later in pre-2000’s he implemented a system known as Digicash a software, which would designate specified encrypted keys during a transaction, making the transaction untraceable. But it took decades before a country would accept Bitcoin a cryptocurrency as a legal tender. In June earlier this year El Salvador became the first country to do so.
Although Cryptocurrencies are unreliable, erratic, unpredictable and any thing else one can say about it. The people of our country have been taken afoot by this trend. Earlier in May this year, Indians had invested nearly 900 million US dollars. But just after a month this figure skyrocketed around 7 billion dollars. This exponential increase was never expected by the Indian market and was clearly a surprising rise.
Some believe this is just the beginning of Crypto in India, they are saying it is just the tip of an iceberg and in the coming future many more people will flock on to this digital market. This trend might seem very appreciable and enriching especially for global investors who are seeing India as a potential for further growth, this might be dangerous. The reason for it being dangerous is because there haven’t been any guidelines form the government or from any of the central banks.
Recently, finance minister Nirmala Sitharaman stated that the government has prepared a draft policy which could ban all private cryptocurrencies and provide a legislative framework of on official digital currency. It is also believed that the government is delaying to lay out these norms as the RBI is working on its own central bank digital currency. So, for now we need to wait for the officials to make a law curbing this new trend.
But this doesn’t stop the money and fame people are making through cryptocurrency, nor does it stop established personalities to sweep the prices of such cryptocurrencies. Elon Musk, known as CEO of Tesla and Spacex Chief, recently changed his Twitter profile picture having a reflection of DOGE in his shades. This made the value of Dogecoin raise by almost 10%. Although Elon might not have complete control over the crypto market, he surely can nudge it by doing such things.
Apart from such celeb facts, the Crypto surge was mainly caused because of the tech-savvy youth of our nation. A major part of the youth is keen to these things, since it was a new concept. To add on several cryptocurrency brokers or dealers too had to play a major role in this surge.
Overall, we can’t see Crypto is good or bad for the country but currently until it serves its purpose, we must utilize it.
