Ever since the demonetization happened in India in November 2016 by the Modi government, there are increasing number of Indians who are now willing to make payments digitally. India is now on the track of digitalization in various events of every day life. It has been anticipated that in next 3 years the total amount of transactions that would be done digitally be somewhere around half a thousand billion Dollars.
Indians have always preferred to do monetary transactions in liquid cash. But after this huge revolution and several other digital reforms Indians are now becoming used to digital system of payments.
After this revolution in Indian financial world there have been increasing chances of Blockchainto play a major role to benefit from this cash breakdown. As everyone knows by now that with the usage of Blockchain the mediator or the intermediary gets out of the whole network. This in-turn makes the transactions more prone to be un-hackable as well as more transparent and secure. Thus proving digitalization to be an asset for Indian economy.
Indian government for the first time in history of India is trying to make all the cash transactions to be biometric enabled. Which would in-turn help in minimizing such untraceable give and take of money. cryptocurrencies would soon become the most loved in the entire Indian environment and the whole paradigm of payment system would be turned upside down.
Especially when we talk about the payments and transactions that need to be done across the borders; Digitalization would surely prove to be a right step towards a bright future. As it can be predicted from the behavior of the Indian government it is sure that cryptocurrencies would soon be regulated in India. And they would become the most favored investment alternatives. Let’s wait and keep a watch over the behavioral patters in the market now!
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