Dealing with cryptocurrency in India has become too harder especially working with bitcoin. Ban on cryptocurrency and regulation of digital currency bill 2019 has made some strict penalties just like a person dealing with cryptocurrencies such as Bitcoin shall be given 10 years of imprisonment. Authorities telling cryptocurrencies are misused in various purposes like money laundering, terrorist funding, etc.
It is guinine that misusage of cryptocurrencies should give such big penalties but not to all crypto holders. It is important to bring such a mechanism which can determine bad actions on the usage of cryptocurrency. A full ban on cryptocurrency transactions will result in one nation to keep far from the upcoming biggest technology after the Internet.
The Scope of Blockchain:
While an oversimplification, blockchain can be described as a way for people to share extra space and computational power in their computers to create a global supercomputer that is accessible for everyone. Every computer connected to a blockchain network helps validate and record transactions. People who connect their computers to a network are known as validators and receive transaction fees in the form of tokens.
There are so many technologists which believe that the industry of blockchain is ready for such an explosion which is similar to the smartphone industry. Many popular services came to fruition because of this new smartphone platform.
Start-ups have already built thousands of apps on blockchain platforms like Ethereum. However, these apps aren’t easily available to non-tech savvy consumers through an app store, and hence their usage remains low. They also face technical problems including scalability and slowing down of the network when many people use these apps simultaneously. New companies such as Algorand and CasperLabs are investing millions in research and development and are close to solving these issues.
We cannot even imagine the potential of blockchain, it can create new industries and can convert existing ones to new ones in such ways we cannot even imagine.
For instance, it has the capacity to facilitate nano-payments proportionate to an individual’s contribution and value creation on the Internet, making it an ideal wealth redistribution tool for our digital age. Even big technology companies have started to take blockchain applications seriously. Facebook, for instance, recently announced its own cryptocurrency to facilitate payments globally with minimal fees and no dependency on a central bank. Venture capitalists invested $2.4 billion in blockchain and cryptocurrency start-ups in 2018. So far, 2019 is poised to exceed this benchmark.
It shall not be possible without the tokens which facilitate transactions in this blockchain network. Making a law to ban dealing with crypto can not only bring Indians to struggle in reaping economical benefits but will also disrupt new emerging technology.