Need of Legalization Of Crypto Currency In India

Cryptocurrency is the most used and most invested platform in today’s time. As there is advancement in technology, there are regular smartphone users who had made people know about cryptocurrency. This is the primary platform at which significant investments are going on as this provides higher returns on investments. Along with the returns on investments, this also provides employment to the various unemployed people. Give some attention to the reimbursements of bitcoins that have made it a top cryptocurrency. You can check the homepage to know how the app works.

Illegal consideration of crypto investments

As cryptocurrencies do not come under any jurisdiction or any particular country. So there is a problem with the government because now most people are investing in cryptocurrencies. Long with that now the transactions are also made by the platform of cryptocurrencies because:

  • Privacy
  • International transactions.
  • Fewer charges of transaction.
  • No intermediate is required for the transaction.

So because the government cannot take the record of the transactions made by the cryptocurrencies, they are unable to get the taxes from the people on higher amounts. So because of this reason, various countries had declared cryptocurrencies illegal. Another factor of considering it Illegal is that government can never get right to the transactions and cannot charge taxes.

The legalization of Cryptocurrencies should be done

Cryptocurrencies should be considered legalized because of many reasons:

  • It provides very high returns on investments. Most of the people who are unemployed are getting money from the crypto platform through their investment skills and experience.
  • It is a very safe platform, and there are no chances of fraud as this is a very secure system.
  • This is better than the share market as it takes a considerable time for profits, but it gives profits in a short period of time.
  • Bitcoin mining is the best source of income for many people.

There is huge unemployment in today’s world just because of the lots of competition among people related to employment. So by using the computational skills, people can start doing the mining in bitcoins so that they can earn bitcoin as a reward. This is also the best source of employment in today’s time.

Legalization of Bitcoin in India

Bitcoin should be legalized in India as this provides a great source of employment to many people. There is a massive population in India which is unemployed. Now because of the pandemic, various people lost their jobs just because companies suffered great losses, and they started to reduce their employees in the companies as they cannot afford such expenses. So because of this now, after getting free, people had started with cryptocurrencies.

People who have money had invested, and others had started with bitcoin mining. Both are a great source of income. But the major risk here is that if the government bans the crypto, people can suffer great losses any time as they will not be able to withdraw money, and even because of the ban, there will decrease in the prices of the bitcoin. People will be in huge losses in just a single night.

Legalization In Developed Countries

There are many developed countries which had made cryptocurrencies very common. Even now, there are various online sites present which accept cryptocurrencies in the form of payments.

Here (aquí) are various general stores that accept payments in the form of cryptocurrencies. Even there are many developing countries like El Salvador which are making cryptocurrencies as their mode of payment so as to create digitalization in their countries.

Conclusion

As a layman, we can say that cryptocurrency has made its importance in today’s world. The reason behind it is that there are many people who are getting employed with it, they are getting huge returns on their investments, even it has made the international transactions easier to be done as there is no intermediate in between.

Even in this pandemic situation, people who may have strived with hunger and even may come to roads are being employed on this platform and are being at their average level so as to meet their basic needs. So the government should make cryptocurrency legal in the country because as it is the source of employment, and even more and more people will come to know about it, and digitalization will increase.