The technological revolution has immensely impacted the finance sector. One of the prominent examples is cryptocurrency. It is one such immersive technology that is backed with blockchain technology to keep the identity secure and anonymous. It is a decentralised form of money. In recent times, many cryptocurrencies emerged – Bitcoin, Ethereum, Ripple, Monero, etc.
Many people have started investing the money on the cryptocurrencies while some people are still sceptic about it. Many countries have even banned the cryptocurrencies due to its ambiguous and decentralised nature. India too considers the cryptocurrency illegal and also gave the mandate to stop its trade. This has created a rift among various financial communities.
Let us see what the top financial bloggers have to say about the cryptocurrencies:
“According to me, blockchain has a bright future in India, but cryptocurrency will struggle a lot. Moreover, the banking sector will not adopt cryptocurrency as in India the businesses won’t accept the currency that can’t be converted into a regular currency.
Blockchain will be more beneficial in the near future as it has the potential to develop digital ledgers which will grant transparency, security and integrity.”
He is a founder of capitalmind.in. He does stock and market research and wealth management at capitalmindwealth.com.
“Cryptocurrency has a fair chance of making it to the mainstream economy in the near future due to the digital revolution. Various cryptocurrencies like bitcoins and ethereum are powered by the blockchain technology and are being welcomed by many organisations.
But the digital currency in India is still far away from our reach due to an ambiguous regulatory structure. Digital scams, hacking attempts and money laundering have caused a lot of scepticism among the leaders and common people. Alternatives that are more secure and transparent can be developed in the future to replace the cryptocurrency absolutely.
According to me, cryptocurrency has a long way to go because I don’t think I will pay my bills with cryptocurrency in the near future.”
He is a blogger working in New Patrolling, a top Indian News Website that targets on the sectors of finance, entertainment, sports, politics, and much more.
“The future of cryptocurrency is bleak in India. Though the blockchain technology is pioneering, it is rattling the banking and payment system. That’s why the Indian government is not sanctioning the usage of cryptocurrency.
Furthermore, the participation of people in the regulated stock market is even less than 2.5%, so it is really hard for people to implement direct peer-to-peer transactions without any central authority.
Majority of the people will keep a safe distance from investing in digital currency unless awareness is being spread by the government.”
He is a founder and author of Trade Brains, a financial educational blog website.
“Before discussing cryptocurrency, I want to divert your attention to the events that occurred in the last 2-3 years. Due to the demonetisation in India, 86% of the currency in the denominations of 500 and 1000 were nullified.
People were forced to search for an alternative for money and bitcoins came to an aid. No availability of physical currency obliged many organisations to carry out their transactions in the form of cryptocurrency. This resulted in extensive investment in the digital currency.
According to me, the future of blockchain is benign. Distributed and conglomerated applications has a potential to take over the market in the near future. All you need to do is to invest in cryptocurrency. Soon enough companies will even reimburse their employees using digital money like bitcoins, ethereum, etc.”
He is an aspiring person with strong interest in the field of blogging and value investing. He is working as an investor advisor since last 7 years.
“Even if the government and banking sector hate the use of cryptocurrency, it is true that the digital currency is the answer for an expensive and slow transaction process. Though, I still insist you not to invest in cryptocurrency as it is still in its early development.”
He is a full-time investor and trader. He has more than 10 years of experience in the department of equity investment and trading.
“The great demand of bitcoin substantiates the advancement of cryptocurrency and blockchain. In India, the Reserve Bank of India has not legalised the cryptocurrency as they don’t have any system or framework to adapt the decentralised and deregulated digital money.
In addition, they don’t have a proper infrastructure to handle the cryptocurrency outside the internet. In my opinion, one can’t set aside the technology that can solve the problem. We just have to wait and watch how much time it will take for the cryptocurrency in India to flourish.”
A founder of Investdunia, he is a financial blogger who works in an engineering and construction company.
“According to me, cryptocurrency’s future in India seems a bit hazy at this point in time. As it is a decentralised currency, our Finance Minister Arun Jaitley has declared that the use of cryptocurrency in any form shall not be tolerated and the country would get rid of them completely as soon as they can.
One of the major reasons that I think behind the devastating end of cryptocurrency in India could be it the lack of a tangible currency. The blockchain technology is being applied for payment structures all over the country and the government has stated openly about the same. They are not encouraging the usage or trade of the cryptocurrency.
This type of peer-to-peer transaction devoid of a central housing system or administration is quite a risk. There are so many grey areas, Indian government authorities are little unsure how to draft the rules and regulations for keeping a good control over cryptocurrencies.”
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com – an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.
“The future of cryptocurrency is glorious worldwide but I defer in terms of India. According to me, if we take a glimpse at the recent Indian scenario, we lack in terms of technological innovation.
Indians are being transferred to other countries to carry out the development of their innovative technology. Multinational companies like Google, Facebook, Amazon, etc. which didn’t even exist a couple of decades ago are blooming. Indians are making a big impact in enhancing their technology whereas there are very less technological innovations conducted by the Indian companies. The reason behind this is Indian companies prefer B2B strategies while foreign companies tend to work with a B2C approach.
Similarly, the blockchain is one of the impressive innovation which has the power to change the landscape of money transactions and management. But again my views on India are contrary, as it will take a while for India to implement the regulations and policies in this fast-paced technological world due to the lack of advanced technological infrastructure. But I will be happy to be proven wrong if the cryptocurrency is accepted by the Indian government.”
He is a multi-talented person who works as a trader, consultant, investor and blogger. He also guides fellow investors in investing the capital in a right place and at a right price.
“In the year 2013, cryptocurrency was considered as untrustworthy by India and called it a “Crazy West Area”. It signifies the place where frauds like the inky market and silk road to promote poison. It was perceived that selfish people will mislead people into losing their money.
Many companies which work in the field of blockchain and cryptocurrency have filed a petition to the Supreme Court of India against the restrictions of cryptocurrency. This has urged the Finance Minister to form a committee under the leadership of the DEA secretary to form a set of policies and rules to regulate the use of cryptocurrencies in the Indian market. Once the proposals are finalised, it will be submitted to the Parliament for the approval.
The committee is still calculating the possibility to use the cryptocurrency and digital ledger technology for financial transactions. As of now, the future of cryptocurrency is totally dependent on the verdict of the Supreme Court.”
He is a writer for taxguru.in, a website that informs people about recent news on circulars, notices, case laws and amendments.
“There are many reasons behind staying away from cryptocurrency. First, it is a complex financial product. Personal finance can be done best when they are simple.
Second, it is a speculative trade. Speculative trade is just like gambling where we leave a lot of things on fate.
Third, cryptocurrency is not been regulated in the global market. As there is ambiguity, you may be investing the money in the black hole. There is no certainty in terms of digital currency.
Fourth, there are many scamsters who are swindling money in the name of cryptocurrency. The proportion of people who are scammed by the fraudsters is higher than the people who have been profited by investing in the cryptocurrency.
Fifth, the RBI has not legalised the cryptocurrency. It means trading in it is not only illegal, but you may end up losing money and there is no way to reclaim it.”
She is designated as a financial planner. She writes the blogs regarding the economic and financial conditions in the context of Indian markets.
“In the current situation, cryptocurrency continues to flourish as unregulated digital currency in the free world.
But, according to me, as an investor, I feel that cryptocurrency is overrated with the introduction of initial coin offering and high volatility that doesn’t meet the standard for the conservation of the capital. It is not a safe asset to invest.”
He is a creator of JainMatrix Investment. He is a SEBI-registered reseach analyst, investor and executive for various big corporates for the past 18 years.
To summarise, it can be stated that, the cryptocurrency and blockchain technology are knocking at each and every door. All we need to do is to utilise the time analysing the technology to make better rules and regulations before implementing the same. In terms for regulating cryptocurrency in India, only time will decide the fate.
Rakesh Narula & Co. is a reputed name providing techno-commercial services as an insurance surveyor, loss assessor and consultant for the valuation of property. We also act as an independent engineer for the techno-economic viability studies.
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