Hello and Everyone
Blockchain is a highly advanced technology that can the data on a scale and it is also preferable to running a high number of transactions. This technology is so advanced in terms of its overall functionality and it can be customized in a way that it can deliver to any industry. Cryptocurrency is part of the blockchain ecosystem where the rewards are paid in the form of crypto. It's like we can't expect one without another. I mean to say that we cannot expect Crypto without blockchain and similarly we cannot expect blockchain without Crypto. Maybe different types of blockchains are private but usually, the blockchain is decentralized, and crypto coins are used to reward miners. Even if we go on with proof of stake format then also the importance of crypto is not memorised.
I am from India and India is one of the countries where crypto unblockchain has been part of controversy. Earlier, the government used to say that they were in favor of blockchain technology but they are not supporting Crypto. Now things have changed a bit as they are saying that they are exploring the possibility of cryptocurrencies but it's been a very long time since they have not given any outcome. To be honest I don't know how things will be in India for the crypto community but certainly, they are missing the current opportunities available worldwide.
India is missing the advantage of blockchain and crypto and many other countries are doing so well. India has killed multiple opportunities for Crypto communities by applying taxation which is not fair. Because of this many exchanges and crypto companies have migrated from India to another country and UAE in most cases. The country can benefit through more revenue and tax earning but because of unfair tax policies, some companies did not continue in India. Even the banking support is not provided which is why the revenue for Indian exchanges is drastically reduced. It's a basic accounting that if revenue is reduced then tax amount will also be impacted on the same proportion.
India can benefit a lot through blockchain by implementing a fair tax rule for the crypto community. They can also explore blockchain technology to transform various sectors including banking real estate hospitality healthcare and retail where this technology can be a game changer. With crypto also they can open another source of income for people who want to work in this space. It's like generating more employment for people and putting tax is good but this should be reasonable. The government earns money through taxation but it is also its responsibility to make it fair and reasonable for citizens. I just hope that the Indian government gives it a thought in detail to see how things are going about blockchain and crypto in the world and what they are doing.
Let's hope these things are considered by the Indian government and they change their thought process towards the blockchain and crypto which can help the country as well as the crypto community in India. With positive hope I expect things will be better in the next few years but looking at the past it seems hard to expect.
This is my participation post for Initiative: February Monthly Prompt
Check out the above post if you are interested in participating in this initiative every day there is a different topic that is fun and allows us to share our thoughts.
Thank you so much
Stay Safe