Is It Right Time to Leverage Cryptocurrencies Now?
The cryptocurrency debate has been initiated once again after the Supreme Court of India has ruled out that it is should be considered as a commodity rather than a currency. Blockchain-based firms and cryptocurrency firms are now rolling their sleeves as Reserve Bank of India has been directed to facilitate them also.
The global economy has been in a real disaster once this Pandemic has forced lockdowns and halted traditional business activities. Each one of us is forced to think out of the box and look towards the adaptation to innovations and technological solutions. Millions of people have lost their jobs and businesses are finding it hard to operate and survive.
The cryptocurrency markets have been less prone to damages as they offer decentralized controls to digital asset owners. Recent oil price wars have deteriorated the situation also and investments within these domains have also faced severe losses. Gold and oil are now used as political tools and they present quite a volatile market price.
Cryptocurrency Is More Stable
Blockchain networks based cryptocurrency has quite minimum interference of third parties and all transactions are carried out at the discretion of the users. Economic think tanks are still devising the policies on how to regulate this digital economy that is strengthening its roots with each coming day.
Since its inception in 2009, Bitcoin has been a powerful peer-peer online transaction system where reliance is on computational power and secure blockchain networks. Many more coins have been released until now that are traded regularly at cryptocurrency exchanges. Bitcoin era website now offers such profits proposition that the trading becomes automated carried out by the platform themselves on the basis of account settings.
These smart solutions based on artificial intelligence and machine learning have now forced the investors to make a major makeshift towards this sector. The traditional markets and businesses have proved quite distasteful during these times and more stability needs to be on-offer now. With decentralized control and secure transactions environment, cryptocurrency has the way to go in the coming times.
Policy Implementation Is Eagerly Awaited
It was a great moment of delightness when National Blockchain Strategy Roadmap was unveiled by the Economic think tanks of the Government of India. The importance of these innovative solutions has been realized and the need remains is to work on their implementation phase quite aggressively.
Governance and economy management issues are facing serious existential threats and the right strategy needs to be implemented based on technology and powerful data analyses. With access to high profile data where authorities is able to decide about the resources allocation smartly is quite a necessity now.
Digital economy and cryptocurrency present a vital opportunity and it was rightly highlighted in the Supreme Court judgment that India would be left out if it doesn’t adapt towards this. It is a great time to leverage cryptocurrency and empower people with innovative economic solutions.