It has been years and over 10 years that India found it really difficult to trust on cryptocurrency. But currently, more than 5 million crypto community is celebrating the freedom of using cryptocurrency in India now.
Many in India were waiting for the crypto to be legalized, one of them was Akshay Agarwal who was waiting for the verdict of the Supreme Court eagerly. The verdict of the Supreme Court on the decentralized and the most modern digital medium of exchange, bitcoins.
The final verdict says that the final ban that was persistent on the bitcoin and cryptocurrency trading in India has been lifted up. While going through social media and any other digital platform in India the celebration of the cryptocurrency being legalized was nothing less than that of winning an electing in India. For bitcoin trading you can use bitcoin rush
On the other hand, knowledge of the shortcomings of Yes Bank, brought in separate happiness to the bitcoin lovers and they have exclaimed in joy long bitcoins and short banks will run now. India has always claimed for only 3% of the global cryptocurrency was used before the ban in India.
The Ecosystem Being Affected
Crypto has its own market like the normal currency has one. It has been predicted that the crypto neo banks will increase immensely. Akshay Agarwal says that it seems maturity is settling in the country with respect to the crypto community. He also confirmed that this might lead to increased competition in the market. He expects that 100 more different types of exchanges will open in the next 2 years.
The entire method and idea about entertainment could change too due to this action but one has to be apt to be aware of all of it. He believes that the entertainment field would be changed along with time. Some experts claim that the entertainment industry will soon be the first adopter of bitcoins and cryptocurrency in India. The crypto community believes that very soon cryptocurrency will play a major role in movies and music industry. This will create new financial method and will also increase the payment of the people.
A new payment mechanism will soon hit the entertainment industry and the maximum number of people will involve in it naturally. A big platform is much awaited which will arrive and take the individuals to the peak which they never imagined.
The entertainment industry does not mean just the movies and the music industry. It also means the gaming industry on the other hand. The gaming industry will see a major interaction with the crypto industry.
Are Students Aware of Crypto Industry?
It is very natural that in the country where cryptos were illegal for so long would obviously not want their students and kids to know about cryptos. Wilson Bright says that it is actually healthy and good to let the young ones know about crypto industry majorly. In India, it is very difficult for a parent to believe that their child can actually do something significant. They believe they are very week, and not well knowledge to do any kind of trading in bitcoins. There are still many of the thoughts, and bubbles about the crypto trading in India. When there is an extreme vulnerability in the economy, one must look up to bitcoins and use it. Hence it is very important that when one passes on the idea of bitcoin to the other, then one must know about good and bad of bitcoin.
One must not be half-educated; one must know the pros and cons and the rights and wrongs about the bitcoin. Since there is so much illusion and all bout bitcoins and cryptocurrency, one must have very good idea about cryptocurrency. Make sure that you do not pass wrong education about cryptos. Whatever may be the source of education, you must try to educate correctly.