Ronish Baxter – Cryptocurrency Ban will Stall India’s Digitalization Dream of PM Modi

Ronish Baxter, a cryptocurrency expert and a digital asset analyst, stated that since India is trying to move towards digitalization, virtual currencies can really boost India’s digital ambitions. They are easy to transact, seamless and hold no hidden cost or charges as compared to banks or other money transfers. On April 6, 2018 the Reserve Bank of India (RBI) came out with a statement to all entities under its purview that they immediately stop providing services to businesses or individuals related to cryptocurrencies. The notification has been challenged in the Supreme Court along with several other petitions been filed at different high courts and the outcome is expected to come on July 20 once the Supreme Court resumes after its holiday.

The Game Changer

Speaking about the importance of cryptocurrencies, Ronish Baxter said, “What’s the thing that comes to mind instantly when we talk ronish baxter bitcoinabout digitalization? Of course, mobile phone connectivity, Aadhaar, Jan-Dhan accounts, etc., but how many of us think of crypto currency? Only a few maybe, but with the growing popularity of this virtual currency, people in India are also slowly getting to know cryptocurrencies. It is presently one of the most secure and independent exchange form to trade and transact with.

Cryptocurrencies are Global

Not bound by any boundaries, cryptocurrencies are surely global. This means, easy transactions and secondly, absence of 3rd party dispels any threat of an account being blocked in case, it is being misused. The owner of a cryptocurrency holds its private key and a 3rd party cannot take money away unless the private key is been lost.

Blockchain technology most effectively running over the new payment solutions like Bitcoin will revolutionize the world. It has been suggested in the beginning there will always be people who will try to misuse it, however technology has always been and continue to be a double edged sword, it depends on us and the Indian government how to strike the right balance.

Highly Secure

It is a de-centralized model where data can be accessed from different computers. Thus, even if a single record is meddled with, it wouldn’t go un-noticed since the blocks are interconnected. This additionally means that, all the blocks need to be changed to get away with the crime. Whenever, a record is manipulated, its digital signature becomes void and users are immediately notified.

India’s Supreme Court has effectively banned banks from dealing with cryptocurrencies

Transactions Cost only Fraction of a Unit

The best thing about cryptocurrency is that, transactions can be done from anywhere almost instantaneously. Also, transactions can be carried out at a fraction of a unit, which means that for sending money to anywhere across the globe, it would no more be a burden on the pocket.

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