Crypto Currency: Current Trends and Future Scope – Times of India

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Dr. Agyeya Tripathi has completed his Ph.D. and holds a Masters degree in Business Administration and another Masters in Electronics and Communication. He is a national resour … MORE
As soon as we hear ‘Crypto Currency’; so may thoughts start floating in mind with almost no specific rules, regulation and policy. Most of the investors see it in a different way, particularly part of organised market and a semi-ethical tradable instrument. As a development practitioner, I see it from a different perspective under the lens of technology led finance, carbon emission and cross border trade. 
Countries like El Salvador made all crypto currencies legal, where as China banned these in all forms. India came out with an option of digital Rupee, with an anecdote of its promise towards digital finance. India has announced to levy 30% fixed tax on all incomes made through transactions in crypto currencies, a sort of pseudo acceptable activity. To manage risks related to losses made during trade of these currencies, the finance ministry clearly said that these losses cannot be settled with other incomes, safe guarding the financial system and its stakeholders, who are not the part of virtual currency world. 
The amount of energy involved in minting Bitcoin and other crypto currency is enormous, data suggests that Bitcoin mining utilises 0.5% of total electricity consumption, guzzling energy produced from planet warming fuels. This gave another idea to clean energy experts, who proposed that if Bitcoin is produced through renewable energy resources, it can also become a tradable instrument for off-setting carbon emissions. Technically making Crypto currencies greener and clean in nature, any industry which is carbon emitter can purchase green crypto currency and off-set its carbon emission. 
Development finance may see it as a game changer, as this can be used to fund development program with literally no entry or exit policy for any investor. This can make crowd funding or diaspora funding too easy, simply one can invest in development projects running in any part of the world. This will make the currency more impactful, may be an era of Impact Crypto Fund comes, with enormous potential to change the livelihoods and development landscape of any developing nation. 
It is believed that countries with low growth rate and large sovereign debt may allow Crypto as legal tender, whereas developed countries may think of their own Crypto version or Asset Backed Crypto for better valuations. Increasing instance of electricity outrage may push Crypto towards use of renewable source of energy for mining Crypto Currency. 
There is lot to happen, now one knows where all this is going, but one thing is sure that no one can ignore this now!
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Views expressed above are the author’s own.
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