{"id":1095,"date":"2021-12-09T06:42:55","date_gmt":"2021-12-09T06:42:55","guid":{"rendered":"https:\/\/www.3dotsdesign.in\/blog\/?p=1095"},"modified":"2021-12-09T06:43:49","modified_gmt":"2021-12-09T06:43:49","slug":"the-future-is-cryptic-the-fate-of-cryptocurrencies-in-india","status":"publish","type":"post","link":"https:\/\/www.3dotsdesign.in\/blog\/the-future-is-cryptic-the-fate-of-cryptocurrencies-in-india\/","title":{"rendered":"The Future is Cryptic: The Fate of Cryptocurrencies in India"},"content":{"rendered":"\n

Just when you thought that India is taking one step closer towards the future in a new direction, it hit a potential roadblock. Cryptocurrencies were not even in the nascent stage in the Indian economy when the government realized that people are making way too much money through an unregulated platform. So, instead of bringing in strategies to regulate the emerging (at least in India) way to invest, the government decides to BAN it \u2013 the finishing move<\/em> (sic<\/em>). This article would shed some light on the rise and soon-to-fall of cryptocurrencies in our \u201cfuturistic\u201d country.<\/p>\n\n\n\n

The Rise of Cryptocurrency<\/strong><\/p>\n\n\n\n

According to Blockchain and Crypto Assets Council (BACC), more than 1.5 crore Indians invested billions into the emerging digital assets. The market amplified by 600% after the Supreme Court overturned the ban last year. The growing number of investors in cryptocurrency suggests one simple thing \u2013 the paradigm shift in the investment pattern and the investment platform. And cryptocurrency is one such platform that\u2019s driven by the younger population.<\/p>\n\n\n\n

The reason more and more Indians moved from the traditional investment to cryptocurrencies was due to COVID-19 that led to the global economic crisis. The market got more and more volatile and traditional assets like currencies, bonds and equities were getting depreciated. This enabled private players like Bitcoin and Ether to bask in the economic spotlight.<\/p>\n\n\n\n

As per the current situation, investments in digital coins form a division of bullion market holdings but the younger population in India \u2014 between 18 to 35 years \u2014 think that cryptocurrency is a better option compared to gold. The recent data from World Gold Council show that Indian adults, below 34 years of age or less, have a lesser craving for gold. Hear it from the cryptocurrency experts – the tech-savvy younger population thinks that investing in cryptocurrency is much easier than in gold due to the tedious processes involved. How dare you? (Government yelling in Greta\u2019s voice)<\/em>!<\/p>\n\n\n\n

The Fate of the Curious – Hanging in the balance!<\/strong><\/p>\n\n\n\n

Soon after Bitcoin\u2019s value crossed $50,000 after three months during early 2020, many startups in India opened shops in the name of CoinDCX, WazirX, ZebPay, Unocoin, CoinSwitch Kuber opened their own brand of \u2018virtual coin\u2019 shops. Even a renowned brand like Cadbury\u2019s played with their campaign thought of \u201cEat 5 Star. Do Nothing\u201d and introduced the titular concept of \u201cNothingcoin Bank\u201d. But, the fate of the advertising masterpiece also shambled through the hazy uncertainty of the cryptocurrency ban in India.<\/p>\n\n\n\n

Winter is Coming<\/strong><\/p>\n\n\n\n

According to the legislative agenda for the recent winter session of the Parliament, a plan to introduce, evaluate and enforce a bill to \u201cprohibit all private cryptocurrencies\u201d in India is underway. The bill, rightly christened as Cryptocurrency & Regulation of Official Digital Currency Bill 2021<\/em>, will create a \u201cfacilitative framework\u201d for the creation of official digital currency.<\/p>\n\n\n\n

Some of the Indian film industry superstars have also entered the crypto-game by promoting unicorn brands like CoinSwitch Kuber, CoinDCX. Our Prime Minister was of the opinion that cryptocurrencies can potentially \u201cspoil our youth<\/em>\u201d and can pose some \u201cserious concerns on the macroeconomic and financial stability<\/em>\u201d, but who\u2019s the real White Walker<\/em> in this debacle of cryptocurrency\u2019s fate is yet to be seen.<\/p>\n\n\n\n

At 3 Dots Design Pvt<\/a>. Ltd., the purpose of advertising has always been to create continuous communication. Being one of the best digital advertising agencies in Pune, it is our priority to keep a track of what\u2019s trending in the digital media and how to benefit from every digital asset. Cryptocurrency may or may not be spoiling the youth, but the scope of advertising in this category is tremendous and we\u2019ll keep our thinking caps on unless until they turn into NFT (as covered in our earlier articles) and people start buying them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Just when you thought that India is taking one step closer towards the future in a new direction, it hit a potential roadblock. Cryptocurrencies were not even in the nascent stage in the Indian economy when the government realized that people are making way too much money through an unregulated platform. So, instead of bringing […]<\/p>\n","protected":false},"author":1,"featured_media":1096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37,266,6,174,77,267,165,111,40,29,128,54,62,124,141],"tags":[203,207,16,53,197,211,200,213,312,202,199,75,208,201,19,453,204,455,454,35,15,210,85,198,205,104,209,212,206],"yoast_head":"\nThe Future is Cryptic: The Fate of Cryptocurrencies in India - 3 Dots Design Pvt. Ltd. | Blog<\/title>\n<meta name=\"description\" content=\"Just when you thought that India is taking one step closer towards the future in a new direction, it hit a potential roadblock. 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