The Covid times have hit the market hard, and every financial product or service seemed to come heavily to the traders. Everything, including stocks, products and other markets were seen coming in lousy shape. Despite all the issues, we saw digital currency coming big; however, not all the coins proved to fall in this plane; a few went high, others drowned. Of all these coins, Bitcoin remains higher in value and thus falls in the asset category. Looking inside the way prices have gone up of Bitcoin, one can realize how it emerged as a pioneer in the crypto market. However, the experts feel this is not permanent as the coin went low earlier. Nevertheless, despite all odds and financial meltdowns, we could see digital coins proving out to be remarkable in terms of resilience. Luckily, there seemed a good boost for the high internet-based speed of the web and digitalization that changed the story.
The Past Year for Digital Coin
As per the reports of a digital currency-based firm called CoinSwitch, Bitcoin has emerged as the most popular digital currency globally. It has been valued high since 2020, and it continued with the increasing value in 2021 as well. Taking a look inside this popular digital con can help you realize the surge of this coin. If you check things historically about this coin, you can understand how tremendous its value was as it scored 500 per cent in the six months. Several digital coins, including Ripple, ETH, and Dogecoin, to name a few, have also outperformed. The digital currency market is constantly on a higher note in terms of value. You can buy a pure diamond using these coins and the luxury vehicles in the market. However, at the same time, we need to learn how we can find things that fit into the new normal. It would be interesting to know the role digital coins and their supporting technology – Blockchain– play in the post-pandemic phase. In the forthcoming years, you can jot down a long list of such coins that will become part and parcel of your lifestyle.
The Digital Currency Regulatory Actions
Several emerging domains have already entered into Bitcoin and several other digital coins into their current economy. For example, if you look at Costa Rica, we have seen several employees enjoying the right to pay for various things in digital coins. Here it is a legal tender wherein people pay in Bitcoin and other digital coins. Similarly, the Philippines in the East also have a similar story. The country is at the front of SA Nations regarding soaring technologies. Several reports vouch for the same and create a good buzz around the media regarding digital currencies’ regulations. Exploring sites like the official trading system can give you a fair idea.
The government comes to an essential aspect of the official regulation stance regarding new asset segments. We have experts who feel that we see good market dealings with the lack of proper control in the fintech world. The critical digital currency community seems to be looking beyond the favourable low and digital currencies and their transactions. We have seen good hopes rising when we talk about the finance minister clearing up the government’s approach towards the digital coin shutdown agenda. Hope has come up, leading the governments to consider their negative approach towards digital currencies. Thus, regulating digital coins like BTC and ETH is taking shape in India.
Central Banks Going Digital
To refute the growth of digital coins in the country, we see the Indian based central banks called RBI now planning to go digital. With the rise of the Covid virus worldwide, people are more interested in availing technology-based coins. It has led many to feel attracted to Bitcoin and other digital currencies. However, this is seen as a big worry in nations like India. Hence, they are planning to make their central bank in the country digital. Yet experts feel that the fatal attraction towards digital currencies will make this effort futile as people are more interested in privately-owned coins and not central banks based virtual currency. After all, we have seen a good growth of digital coins despite the odds like Pandemic.
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