A group consisting of eleven individuals have filed a written petition against Reserve Bank of India decision to block crypto currency businesses in India. The decision is still pending in the Supreme Court and hope the result will be positive, since banking is an essential service.
At the same time India has received offer of 30 per cent discount on crude oil purchases from Venezuela. The discount, however, will be applicable only if India uses their petro coin (the country’s new blockchain technology-based currency). If the Indian Government accepts this proposal then they will definitely have to accept Bitcoin and other cryptocurrency. With this Indian government will also benefit for their economy. In the current fiscal the import bill is likely to jump to USD 87.7 billion USD and if we can save 30% out from it which will be 26.3 billion USD, then their fiscal A/c will show lot of improvement. And we all know that the price of oil is 80 USD per barrel it can come down to 40 USD in the day to come then our import bill will also come down even further if we continue our trade with venzeula. We can also offer cheap medicine (Pharma Products) and also our software services etc.
From the above we can say that if we simply accept Petro coin then we can see this huge impact, we don’t know how much potential lies if we accept other cryptocurrency. And with the huge talent pool in the IT sector of India we will bring revolution to the whole globe.