The
Supreme Court overturned a ban imposed by the Reserve Bank of India (RBI) on
cryptocurrency payments on 4th March 2020. The results can also
be witnessed in the country’s famously conservative banking system that is
making nascent forays into the crypto space. The global crypto players are also
not being affected by the hindrances in the Indian crypto market and are
preparing to tap into an opportunity potentially worth $12.9 Billion.
While
Bitcoin was the first cryptocurrency to see widespread distribution, the birth
of the industry gave rise to other alternative coins
like Ethereum, Litecoin,
On
the contrary, due to the worldwide effect of the pandemic, the investors are
also growing increasingly cautious and eyeing alternative investment avenues
that not just offer long-term investment options but can also be easily
liquidated. Here, Bitcoin builds a strong case for itself. Interestingly while
there are some very stark similarities between the buying of traditional
commodities like gold and its new digital counterpart, several attributes also
evidently showcase the disparities between the two assets. It’s recapitulating
the argument of Bitcoin being the new digital gold.
Meanwhile,
global attitudes are also clearly softening towards the use of Crypto assets.
The IMF even released a video explainer on crypto in August 2020 with a neutral
approach to the subject. Thus, ultimately, the nature of regulation that
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