Cryptocurrency: Current Trends and Legalization in India

Cryptocurrency current trends and legalization in india blog

Also termed as digital or virtual currency, secured by cryptography, cryptocurrency is a new type of digital asset based on the blockchain technology, distributed over a large network of computers. 
A key feature of cryptocurrencies is their decentralized formation, defining that they are not issued by a central authority which makes them immune to any government or malicious interference. 
Bitcoin being the first blockchain-based cryptocurrency still remains the most popular and most valuable among all. 
There are various other cryptocurrencies known as altcoins like Litecoin, Namecoin, Ethereum Etc. which have come up as alternatives to bitcoin. 

Current trends in cryptocurrency to watch out for→ 

2019 proved out to be the most remarkable year for the global crypto market. This is because of the involvement of new groupings, new trading solutions, and the emergence of numerous blockchain protocols. 
So let us now gaze upon how the crypto-market is going to turn out in 2020.

  1. The Decentralized Finance Projects→
    Also known as Defi, Decentralized Finance acts as a way to move forward with its numerous advantages. The Defi projects now value over $650 million. Being tough to believe years back, today these trustless and secure financial services enable traders to easily switch between different debt positions.

  2. The improved Ethereum public main-net →
    Phase 0 of the Ethereum 2.0 with the launch of a multi-client test-nest has reached the final phase of its testing. Close attention has been paid by the development leading teams, to the feedback given by the community. A partial launch of the Ethereum 2.0 can be seen in 2020.

  3. Cryptocurrency Derivatives→
    Significantly growing in size and usage, Crypto derivatives were earlier offered by a few exchanges only. On the contrary, a majority of them assist their investors to trade in large-cap cryptocurrencies.

  4. High-speed network→
    The lightning network of the cryptocurrency has proved to be a boon for its traders. It is a layer-2 protocol of the blockchain-based network that eases the instant settlement of cryptocurrency transactions. The traders in the upcoming time will witness the initiation of more and more nodes, channels, and applications built on lightning network infrastructure.

  5. Private Transactions→
    With an ever-growing concern of transaction privacy, we have also seen the development of the required tools for the same. With the right tools available, we will also witness ample transactions.

  6. Crypto-friendly regulations across the world→
    In various countries across the world, various laws have emerged for blockchain and cryptocurrency. This also proves the upcoming years to be vital for blockchain technology. 

Indian parliament legalizing Cryptocurrency

With favorable laws for cryptocurrency across the world, the supreme court of India, on 4th March 2020, struck down the Central Bank’s circular of April 2018 which banned regulated financial institutions from providing services to businesses dealing in cryptocurrency. 
Abiding by the supreme court’s order the cryptocurrency exchanges in India sped up to re-integrate with banking solutions and restore INR support. 

With the question of cryptocurrency’s success in India and its elevating scope across the world, W3villa aims at providing various seamless cryptocurrency services to its clients across the globe.

W3villa’s kettle of cryptocurrency services includes:-

    1. Crypto Payment Gateway services.
    2. Cryptocurrency wallet development services.
    3. Cryptocurrency development services.
    4. Cryptocurrency exchange development.

Other than these You can avail services like Smart Contracts Audit, Crowdsale, and even Cryptocoin Creation. Our services help you to establish a successful Cryptocurrency business. Our experts blend their knowledge and expertise to benefit your business. 

 

W3villa Technologies

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