India has long been seen as the next frontier for the internet and technology, with its population of more than 1.38 billion likely to have a huge influence on the future of various industries. Cryptocurrency’s success could ride on India’s stance and whether the country moves towards mass implementation or not.
Indications suggest that India could have a massive influence on crypto and the move toward a global cashless future. The subcontinent now ranks 4th in the world for the adoption of digital currencies and witnessed $172 billion in transactions last year. Now, the government is taking steps to regulate it and ensure that its use is sustainable.
Why is Cryptocurrency Considered to be the Future?
India was behind the rest of the world for some time with the internet, but now the online world is booming across the country, and more than 60 percent of the population has access. This has led to a gargantuan spike in some of the world’s most lucrative online industries in the country. International brands are now touting themselves to players in India, and they need to allure them with offers and transaction methods that they can get behind.
The online casino sector is a prime example of one that’s blowing up on the subcontinent, and players have shown that they have the same tastes as players in the west. This is highlighted by the popularity of blackjack, which is gaining more attention in the country than traditional Indian card classics like teen patti. When logging onto international sites, it makes more sense to play blackjack using crypto than it does to pay with rupees and suffer the fluctuating exchange rates. Players can use Bitcoin and other cryptocurrencies to top up their accounts quickly and easily, and they can then play all the great games on offers such as Blackjack European and Blackjack Multi Hand VIP.
Cryptocurrencies have been a revelation in the online gaming sector because players from all over the world enjoy the same titles. The internet is a borderless society, so it makes a lot of sense to have one currency used by everyone. Therefore, it could well be the future of online transactions. This could then spur it on to enjoy mass usage in the real world and render cash obsolete as well.
What is India Planning for Crypto?
Governments around the world are beginning to wake up to the fact that cryptocurrency could be the future of finance and are now trying to regulate it. The powers that be in India are already taking steps to ensure that these digital options can be used effectively and sustainably. The Finance Minister, Nirmala Sitharaman, recently shared a plan for a regulatory framework.
Importantly, Sitharaman noted that there are no plans to block the rise of crypto and limit its potential. Instead, the government simply wants to ensure that it can be taxed effectively while still having the opportunity to shine. She emphasized that they don’t want the currency to be disturbed and that they want fintech and other sectors to be able to take advantage of it.
Major Move Towards Cashless Future
There has long been talked about how the future of the world could be cashless, with paper and coins seeming increasingly more outdated as the years go by. While more modern forms of transactions are on the rise, it could still be a few decades before cash is completely wiped out. For this to happen, everyone would have to own technology that can be used to perform transactions, and the framework upon which these are processed would have to be infallible. Internet access would need to be ubiquitous, with no chance of it cutting out.
With India being one of the most populated countries in the world, it is in a prime position to set the tone for the rest of the planet to follow. If the government can successfully implement cryptocurrency as a common payment system and then move to eradicate cash, it will catch on in other nations.
Cryptocurrency has still got a long way to go before it’s a mainstream option for transactions. However, it’s good to know that one of the world’s most booming technological nations is behind it. If India can set the benchmark for incorporating crypto, other countries will replicate it.
