As technology has entered virtually every field, it has also entered into finance. Traditional finance is being metamorphsed completely by financial technology. An offshoot of financial technology is blockchain technology. Crypto-currencies based on blockchain are unstoppable.

Satoshi Nakamoto pioneered the first decentralised cryptocurrency in 2009. It was Bitcoin. It is a major milestone and has led to the crypto boom. There is no intermediation in cryptos. The accessibility is high. And there is transactional ease across the world. It provides freedom to an individual to use his money the way he wants. It accounts for its popularity.

There are road blocks to its universal adoption. It is a challenge to sovereign powers.

Cryptos provide a choice for the first time in history. An individual chooses his monetary system and community.

The arch of progress takes time. Bitcoins are easily available in India. It is an open source software protocol. It can be downloaded by anyone. It democratises money through open-source code.

In India, the SC overturned the RBI directive not to deal in cryptos in 2020. The SC called the ban disproportionate. Since then, there is enough interest from Indians in crypto spaces, e.g. savings and investments. Traditionally, India stores wealth in gold and real estate. Crypto is a new opportunity.

The government is still hesitant to adopt crypto whole-heartedly. However, cryptos can be a game-changer. It could fit in India’s idea of digitisation, especially in finance. It can help India achieve a higher GDP growth. Indian manpower can build a robust crypto eco-system. The government can issue digital currency as fiat currency.

In the final analysis, a stage may be reached where cryptocurrency may not require the crutches of the banking system. Currently, it sounds far-fetched but in future, such an alternative system can evolve.