• Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • FOCUS 2021
  • Television
  • Advertising
    • PR
    • Mobile/Digital
      • Marketing
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
Saturday, March 6, 2021
MediaNews4U
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • FOCUS 2021
  • Television
  • Advertising
    • PR
    • Mobile/Digital
      • Marketing
        • Market Analysis
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
No Result
View All Result
MediaNews4U
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • FOCUS 2021
  • Television
  • Advertising
    • PR
    • Mobile/Digital
      • Marketing
        • Market Analysis
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column
No Result
View All Result
MediaNews4U.com
No Result
View All Result
Home Mobile/Digital

Why Are Crypto Currencies Popular Again in India?

by Editorial
February 3, 2021
in Mobile/Digital
3 min read
Why Are Crypto Currencies Popular Again in India?
Share Share ShareShare

A Rollercoaster Ride for Crypto

Most investors, even casual ones, remember when in 2016 and 2017 cryptocurrencies grew almost steadily, causing waves of new local offerings and even some scams. Yet, the growth was real, the mechanics of the crypto trade were becoming more familiar to many consumers as the young and always tech-hungry Indian society was riding high on that wave.

And then came the steep crash in early 2018, and the RBI soon followed with a blanket ban on all crypto-related activities.

However, a March 2020 decision by the Supreme Court has completely reversed that ban, opening up that same gate to opportunities. Now, even PayPal has announced that it will allow cryptocurrencies in its wallets and payment transactions. Gambling websites in India such as 10Cric already offer cryptocurrencies as payment methods to their customers.

The news comes as a huge boost to advocates for more flexibility in smaller payments. Many consumers prefer avoiding commissions and card approval procedures. This newfound liberty of adding cryptocurrencies to e-Wallets such as PayPal is already a hit in betway casino reviews which also confirm it as a legitimate means of payment.

Crypto of UPI?

Then again, there is the hugely successful Indian UPI system. Over a relatively short period since its launch by the National Payments Corporation (NPCI) in 2016, it has established itself as a reliable and well functioning direct payments system. Now dominated by payment providers and digital giants such as Google, PhonePe, Amazon, and WhatsApp, it has greatly facilitated daily operations between small businesses and peer users.

However, it is not meeting increasing pressure from banks and other financial institutions, as they have to process hundreds of millions of transactions daily, from groceries to movie tickets and friends loaning some cash to each other. This has put a burden on the banking system and it has been looking for alternatives. Crypto might just be one.

It depends, naturally, on the willingness and ability of investors to hold their trust for a longer period of time in cryptocurrencies as a genuine investment asset. More importantly, businesses should declare themselves open to accepting it as a regular form of payment for the same little transactions that currently require bank cards and accounts.

The latter looks much more a possibility now than back in 2017. Cryptocurrency could provide the RBI with an alternative (and more independent) low-cost direct payments system.

As smaller investors explore their possibilities, crypto exchange markets register thousands of new users every day, many reporting a double and a triple user base over a period of just a couple of months.

Private equity funds have purchased some local players, such as the largest crypto exchange, Wazir X, now owned by Binance. While global crypto-currency exchanges launch Indian operations (e.g. Coinswitch Kuber).

All of the above participants – big and small – appreciate the blockchain potential and security levels. The soundness of the underlying tech itself is a driver for wider use. As recently as 9 October, seven of the largest central banks (including EU and US), along with the Bank of International Settlements (BIS) published a methodological report on key cryptocurrency requirements – a true roadmap to more consistent adoption.

It seems that investors and crypto enthusiasts need only be patient and follow upcoming developments, as the digital currencies stake their claim as real and lasting payment means.

Tags: Crypto CurrenciesUPI

Related Posts

Snap hosts special International Women’s Day Lens Studio Workshop
Featured

Snap hosts special International Women’s Day Lens Studio Workshop

by Editorial
March 5, 2021
0

Mumbai: To mark International Women’s Day 2021, Snap will host a special Lens Studio workshop in India on 8th March,...

Read more
Dukaan launches new feature that enables contactless digital payments among 2.7 mn small merchants
Featured

Dukaan launches new feature that enables contactless digital payments among 2.7 mn small merchants

by Editorial
March 5, 2021
0

Make in India app Dukaan today announced that it has added another new feature in its app. The feature will...

Read more
Publicis Groupe augments digital marketing capabilties into Publicis WorldWide

Publicis Groupe augments digital marketing capabilties into Publicis Worldwide

March 3, 2021
Brands Celebrating Women’s Day through their Innovative Campaign ideas

Brands Celebrating Women’s Day through their Innovative Campaign ideas

March 4, 2021
Toonz Media Group to launch e-learning platform for creative learning in April: P Jayakumar

Toonz Media Group to launch e-learning platform for creative learning in April: P Jayakumar

March 3, 2021
Anoop Karumathil Melethil, Maveric Systems

The focus on SEO would be high in 2021: Anoop Karumathil Melethil

March 3, 2021
Sunil Agarwal, Director, Vinod Cookware.

The new markets are big and largely untapped; we look at leveraging the first mover advantage there: Sunil Agarwal

March 3, 2021
BARC Data: IPL emerges as the cheerleader with a 23 % viewership spike, while the sports genre declined by 35%

BARC Data: IPL emerges as the cheerleader with a 23% viewership spike, while the sports genre declined by 35%

March 2, 2021

Subscribe to Newsletters

Trending

Pocket Aces’ lifestyle channel, Gobble, and Flipkart Furniture present home makeover series – ‘Home Genie’
Featured

Pocket Aces’ lifestyle channel, Gobble, and Flipkart Furniture present home makeover series – ‘Home Genie’

by Editorial
March 5, 2021
0

New Delhi: Pocket Aces’ lifestyle channel Gobble and Flipkart Furniture present their first home makeover series - Home Genie. After...

Zee Keralam all set to air Onam special programs and blockbuster movies this weekend

Zee Keralam announces digital auditions for SaReGaMaPa Keralam Li’l Champs

February 26, 2021
The new Malayalam OTT platform Matinee set to be launched on March 12th

The new Malayalam OTT platform Matinee set to be launched on March 12th

March 5, 2021
We have 25% of our ad spends on digital platforms and 38% on print: Eshwar N, Casagrand

We have 25% of our ad spends on digital platforms and 38% on print: Eshwar N, Casagrand

March 5, 2021
With a news debate on R. Bangla, Arnab hosts prime time shows in 3 languages

With a news debate on R. Bangla, Arnab hosts prime time shows in 3 languages

March 5, 2021

Contact Us :

UPLIFT MEDIANEWS4U DIGITAL PVT LTD

No. 82, Aram Nagar 2, JP Road

Versova, Andheri West

Mumbai – 400061

Umanath.V
+91-99400-17868
umanath@medianews4u.com

© 2019 medianews4u.com

No Result
View All Result
  • Media
    • Exclusive
    • Buzz
    • Movers & Shakers
    • Events
    • International
  • FOCUS 2021
  • Television
  • Advertising
    • PR
    • Mobile/Digital
      • Marketing
  • Radio
  • OTT
  • Print
  • Cable & DTH
  • Brand Stories
  • Leaderspeak
  • STRAIGHT TALK
  • My Column

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.