Two reasons why Crypto grew rapidly in India. Sajan Poovayya Decodes

Cryptocurrencies, such as the popular Bitcoin, are networks built on the blockchain, a financial ledger formatted in a sequence of individual blocks, each containing transaction data. These networks are decentralized, meaning there are no banks or organizations to manage funds and balances, so users join forces to store and verify the transactions.
Unlike gold, coins or note or crypto have no underlying value to it. The value of each country’s currency was determined at one by point by gold reserves which eventually shifted to the dollar reserves or the foreign reserves. Crypto has no underlying tangible value. It operates as an entity by itself, and its value has been boosted due to its rising demand. Despite the initial discouragement from governments across the world, cryptocurrency has survived and flourished because people bought into this idea of a currency divested of state control.
The Indian cryptocurrency market is poised for further growth despite regulatory uncertainty. It will mature in the times to come, and the regulatory landscape will play a very crucial role in shaping the markets future. Is India ready for this kind of growth? Have the law makers been able to grapple with the challenges that the cryptocurrency poses?