The Bitcoin revolution in India: explained

Even though the people of India tended to embrace the new payment method, the government and banks weren't too thrilled

The Bitcoin revolution has been shaking the world for the past 4 years. What started as a simple online way to make money, now has an estimated worth of $8,000 - $9,000 for every Bitcoin. Such is the growing popularity of Bitcoin, many websites let you know about Bitcoin Digital. There is no doubt that everybody wants a piece of the cryptocurrencies nowadays.

India was also one of the countries that were caught off guard with the revolution. The dollar has a really high value there, so everybody was eager to get their hands on Bitcoins while its value was going up. Even though its people embraced the new payment method, the government and the banks were not that happy.

By accepting Bitcoin, the users were directing themselves away from the claws of the banks and their credits, so their attack on the cryptocurrencies was inevitable. The people started generating money fast, easy, and with no fees whatsoever. The government was not taking that lightly.

They took the matter to court, where they are still discussing on cryptocurrency’s future. They were planning to control the flow of Bitcoin and other cryptocurrencies in the country so that the finances will not be under attack. 

But there came a big problem. India’s Prime Minister Narenda Modi was reelected, and that gave the power to his political party to push the agenda on banning the cryptocurrencies. Even though this is a big problem for the users, and the experts say that this decision can have a negative impact on India’s economy, the government still did not allow any transactions.

In 2018, India’s Reserve Bank issued a ban for all sale/purchase transactions with Bitcoin. But there is one good thing. Recently, citizens filed a petition in the Supreme Court, and they demanded a direction or order that is different from the current. The citizens were furious with the Reserve Bank's policy to ban the transactions, so they are challenging the legality of the decision. 

The whole process is brave and tough, and there is a rumor that the decision will be made in the following 4 weeks. One thing is for sure, you cannot deny people of their money. Experts are coming in from all around the world to try and find a way to make the cryptocurrencies legal and good to trade in India.

It is worth to mention that India is the only country in South Asia that does not have a total ban on the cryptocurrencies. The rest of the countries (Bangladesh, Nepal, and Pakistan) have issued a total ban on them, and they are highly illegal. This does put a fraction of hope for people in India.

The situation is really starting to look bright. The fight for total legalization will continue, and people and experts from all around the globe are making maximum efforts to find a perfect solution. Studies do show that people in India are very open to trading with cryptocurrencies, some of them even own a big portion of them.