Cryptocurrencies
such as Bitcoin, YoCoin, and Ethereum are causing quite a stir around the world
as they threaten to completely turn the existing financial and banking
industries on their head and render them irrelevent in the coming decades.
Cryptocurrencies are particularly beneficial to the emerging economy of India
as despite its relative wealth and high GDP, the country is yet to provide
significant banking infrastructure for at least a third of its estimated 1.3
billion strong population.
Education
about cryptocurrencies has to be widespread
Though
the government of India has a booming Digital India mission, the trickle down
effects of these policies are inevitable slow. Education about cryptocurrencies
and their benefits over traditional forms of currency should become widespread
as more and more get their hands on a smartphone. As the rise of Bitcoin and YoCoin enthusiasts increase slowly, so
will information about the benefits of the cryptocurrencies. The general
public, especially the rural unbanked populace, need to know how
cryptocurrencies cut costs, take out the middlemen, are incorruptible, and
incredibly secure.
The
RBI believes blockchain will transform the market
The
Reserve Bank of India, India's central bank, believes that blockchain
technology and smart contracts will transform the global financial market, and
this is an excellent sign for India. The country is incredibly tech-oriented
and it comprises a significant portion of the global IT workforce. The main
issue with the widespread proliferation of YoCoin and Bitcoin is the lack of
clear regulations governing its usage. As of 2016, the RBI is yet to regulate
cryptocurrencies and is considered to be a prepaid payment instrument. As a
result, businesses are skittish about adopting the technology due to the fear
of government sanctions.
Crypto
education events need to be more widespread
As
of now, there are very few crypto events spreading knowledge about
cryptocurrencies outside urban agglomerations such as Delhi and Bangalore. The
proponents of YoCoin are currently holding crypto events in metropolitan cities
in order to spread knowledge on the benefits of blockchain and the existence of
alternatives to Bitcoin. As the message
of Digital India spreads, the message about cryptocurrencies keep growing, and
Indians should ideally be investing in cryptocurrencies such as Ethereum and
YoCoin when they are still relatively cheap in order to stay abreast with
global markets.
Cryptocurrencies
will gel well with the Digital India initiative
As
the Indian government seeks to improve digital infrastructure in the
unconnnected and rural belts of the country, the public and people in the
government must convince the powers that be of the benefits of cryptocurrencies.
The costs involved in setting up bitcoin infrastructure is far lower than the
costs required to set up banking infrastructure. In addition, as more people
become aware of the fact that their transactions will be become far cheaper via
cryptocurrencies, the public will increasingly demand cryptocurrencies such as
YoCoin and Bitcoin. The RBI should also be encouraged and provided with the
funds to develop its blockchain technology in order reach a wider number of
Indians.
Want to know more what is YouCoin?
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
Youtube – https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
Youtube – https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA
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