Hello Everyone, Namaste 馃檹馃槉
How are you all doing. We all have one thing in common being on Hive is our love and passion for HIVE and Crypto in general. This enthusiasm about this new age financial institution that is Cryptocurrency. While governments and traditional financial institutions around the world are still spectic about it. That is not something new as authorities have always feared the unknown which they can't control.
In India, the government have always taken a harsh stand since the beginning on legalization of Cryptocurrency. Although there is not clear aspect to where it is illegal. But it's still not a legal tender in the country. Although crypto gains are taxable as high as 30% which is a High bar seeing from a retailer perspective. This is the reason why a lot of Indian population are still doubtful about the wide acceptance of Cryptocurrency. Although there is continuous increase in number of Cryptocurrency users in India and there is rising trend of Cryptocurrency exchanges in the country making it easier for common people to start investing in digital currencies.
Well for me, i had not been bothered about it much. For me Hive is all about growing together and making relationship for long term. It's a lifetime opportunity which I seek to be a part for my life. I haven't made any major investments into crypto but I am all in positive when it comes to Hive. I haven't been into crypto trading for a quite major lately but even if I will do it in future I will have a long term horizon. Blockchain experience for me just amazing despite any crypto buzz around and I am too optimistic for growth of blockchain especially Hive.
Although people doing crypto trading in India have accepted the heavy tax bracket on crypto gains which is also not a bad start as it atleast put Cryptocurrency discussion into legislative tables. Moreover, Indian Central Bank is planning to launch its centralized crypto in near future. We will have to wait for it and see how Indian people embrace it. However the popularity of Cryptocurrencies and Bitcoin in general have roared up alot in past few years and now the common masses have buzz about it , if not interested in it.
I think the authorities have to come in between at a point somewhere accepting Cryptocurrency as a medium of exchange. Although becoming a legal tender is still not predicted seeing its objectivity about underlying value. However we can see rise in crypto market cap and rise in its use cases and worldwide acceptability. Further, the rise of new age technology especially artificial intelligence will definitely pave the way for adopting Cryptocurrency into new ways. For common people Crypto adoption is very long and a complex process if it is seen only a digital currency and seeing how authorities react to it thinking it a threat to global financial system is way too foolish. Because people hardly gonna move from using cash or their local currency to crypto for everyday exchange of money. Since majority of world economy is still a way behind going into digital payment gateways and it's wide range usage. Bitcoin on the other have is only limited in supply and is more of a precious asset than a regular mode of exchange. Thinking a global backlash of Cryptocurrency and thinking crypto will doom one day is out of the question now. We just have to see how and in what way the authorities interpret and accept crypto.
