Looking at the state of virtual currency in the country, it can be believed that there are going to be rocky roads ahead for this sector as far as India is concerned. However, recently it has come to be known that there might be a chance for new developments to take place in the country regarding the blockchain technology. It is being believed that India, just like several other countries might also get its own virtual currency, that is, a digital currency backed by the government. However, speculations are going on regarding the matter of dealing with the important issues surrounding the sector of blockchain technology.
It is being reported that a panel will be set up to discuss questions that are often raised when it comes to the digital currency sector, moreover, as of now, setting up a national virtual currency is only an option that is being considered by the authorities of the country. However, the authorities are definitely inclined towards bringing about a better awareness in the country regarding the field of virtual currency. Conducting the studies in the sector of virtual currency as well as bring about more motivation for the Blockchain technology.
There are other changes that are also being made, for example, it is being considered that obtaining and possessing digital currency without the permission of the government will be considered a crime. This panel was created in the month of December last year and is expected to give a report regarding the same this year.
Up until now, the cryptocurrency sector has faced severe obstacles in India considering that RBI had issued a circular warning the banks to not lend funds to those involved in the cryptocurrency sector. The ban on the virtual currency sector became effective in the month of July. Several petitions have been made to the Supreme court to look again at the decision given by it.
There are a lot of countries that have come up and are still coming up with their own virtual currencies, for example, Petro of Venezuela that failed to live up to the purpose it was assigned. Several other countries such as Iran and China are also considering coming up with their own digital currencies. Discussions are underway as to what would be the fate of virtual currency in India while the rest of the countries are coming up with their own dynamics to inculcate virtual currency in the economic systems.