Lifting Crypto ban: India could be trendsetter
Cryptocurrency has been more valuable than most top companies despite all the blood bath that has shaken the cryptocurrency in the last 2 years. Cryptocurrency today is more valuable than a Boeing (US$ 162B), a Wells Fargo (US$ 203B) or a Coca Cola (US$ 239B). The valuation of all cryptocurrencies combined together (US$ 251B) makes it at top 20th position in the S&P 500 companies.
The lifting of crypto ban is very welcoming given economy is reeling under pressure compounded with the global fear of coronavirus. This decision will boost the underlying blockchain technology and the crypto ecosystem. Blockchain will be mainstream in next 5 years and not 10 years that Gartner predicted in its Hype cycle. Decentralization will be the way forward as adoption picks up.
New startups will come up and companies will now be bullish to spend. Banks will lower their transaction fees and instant international fund transfer will be a reality on a Sunday.
Pending research initiatives and global centre of excellence will see light of the day. SME would get access to new line of credit through Initial Coin Offering (ICO).
With new job creation, career choices will improve. For people, this will be a favourable asset class. Government will new revenue through Capital gains tax from crypto profits. Day is not far when wages would be bitwage and Amazon would use this as means of payment.
Blockchain will bring operational efficiencies and will boost GDP (10% by 2027 - World Economic Forum). With Modi at the helm of global affairs and given opaqueness with China, India could be the trendsetter for many countries in this space.
(The author is Blockchain Expert and Founder of DigitalFort Technologies, Bangalore. He can be reached at firstname.lastname@example.org)