Investments of at least $6.6 billion by May. Over 10,000 active jobs opened in 2021 alone. Global ranking of 11th in the race to adopt virtual currency. Do we need to say that India has entered the world of cryptocurrency with a bang? Now it only requires password which will make it legal tender with a transparent regulatory framework and redressal mechanism. For all the fears that have sparked this paradigm-breaking (and little-understood) leap in currency history, the tide is turning. On September 7, El Salvador became the first country to recognize bitcoin as legal tender – one of the most important milestones in the cryptocurrency’s 12-year journey. A small, conflict-ridden Central American country, with a GDP of $27 billion, fueling a $3 trillion Indian economy, may seem like a ludicrous idea at first glance, but there is such a thing as the butterfly effect. And indeed, we see the India chapter of that story being written – and rewritten – albeit with a cautious pen.
As technological changes enhance finance, crypto is gone…
.