The Fate of Cryptocurrency in India

Will Cryptocurrency Become Legal in India or Not?

Cryptocurrency has garnered a welcome response from all over the world. And the same positive reaction was showered by Indian investors. The majority of Indians are invested in digital currency to reap financial benefits. 

The Future of Cryptocurrency in India is still in Dark!

When RBI lifted the ban on cryptocurrency in March 2020, Indian investors showed their solidarity with the digital currency. Hence, this step benefited most of the cryptocurrency exchanges in India.

Why Invest in Cryptocurrencies?

Cryptocurrencies have given tremendous returns

1. The foremost factor is the return on the cryptocurrency, and despite being a highly volatile asset, Bitcoin has surged more than 50% in 2021.
2. Cryptocurrencies offer robust, reliable, and long-term value addition to investors’ wealth.
3. They are not bound to any limited supply as compared to fiat money. Furthermore, they are prone to any inflation, as their value is refrained from dilution by any political body or government agency.
4. Governments are unable to impose taxes on it due to its cryptographic nature.

Is Cryptocurrency Legal in India?

Cryptocurrency is finding a legal status in India

As per official data, more than two crore people in India have invested $6.6 billion in cryptocurrencies. Furthermore, this data is positively rising with time.

In 2021, a new bill came into existence known as Cryptocurrency and Regulation of Official Digital Currency Bill 2021. This bill has brought respite to Indian cryptocurrency investors, as the prior bill (Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019) passed in Parliament. The latter bill demanded a total ban on cryptocurrencies in India.

As of now, cryptocurrencies in India are free from any regulation or ban.

Controversies Around Cryptocurrency in India

The road is not smooth for cryptocurrencies in India because certain organizations in India demand complete ban on crypto in India. Swadeshi Jagran Manch passed a resolution stating that it wants a complete ban on the digital currency and whosoever found to be dealing in it shall be punished under the Indian Law. 

Cryptocurrency Has Sparked A New Controversy

Additionally, it states that the current cryptocurrency holders can sell their holdings in a short term, subject to provision of submitting information to the Indian Income Tax department.

Conclusion

Cryptocurrency is the future of digital currency. El Salvador is the first country that has accepted cryptocurrency as a legal tender. Furthermore, it has initiated transactions with it. We can not deny the fact that cryptocurrencies are facing a rollercoaster ride in India! The RBI and government are answering the issues promptly on it. We have to wait for the new government orders to ensure the future of cryptocurrency in India.

Build Your Own Fintech Application in Easy 8 Steps

How to Develop a Robust FinTech App?

The fintech industry is booming in the present scenario! A report has been published by Fortune, which states that 90% of Americans are daily users of Fintech apps to manage their financial lives. Furthermore, World Bank acknowledges 21% soar of fintech businesses in America during the pandemic in its last year report. It is a ground reason that there was a sudden spike seen in the Fintech Apps due to the unprecedented time of the 2019 pandemic.

How to Develop a Fintech App?

In this article, we will emphasize how to build a robust fintech app for your business?

Steps to Build a Robust Fintech App

Before stepping into the process to develop a fintech application, let us discuss several pertinent points:

Fintech App Should Be Secure and Reliable

• Security is of Utmost Importance: No doubt that security is the most relevant factor in developing the fintech app. You have to be ensured that the security aspect is respected at every step. It will foster a safer environment and circumvent any breaches in your database.
• Feed Only Relevant Information: It is not vital to store all the information (such as the payment cards number) on the app sever. It might lead to a database breach. So, there are servers that only require the token that recognizes the billing method, and it will charge the customers according to the token. Following this step will safeguard the payments database.

Step 1: Formulate a Development Plan

The foremost step to develop a concrete fintech app is analysing the data prevailing around the fintech industry. Keep a sharp gaze on:

• Competitors
• What is the current status of the fintech industry?
• Ongoing and future development trends.
• Who are your users, and what are their demands?

Relevant planning should be the dire requirement of your fintech app development. Planning will positively inch your project to build a robust fintech application, and you can achieve this through the following:

• Thoroughly study the complete fintech market.
• Scrutinize what your competitors are offering.
• Point out the problems.
• Brainstorming to deal with issues.
• Selecting the pre-eminent solutions.
• Choosing an operating system that is according to your program.

Planning bridges the gap between your idea and final output.

Step 2: Construct a Design

It is prudent to build a prototype of your app, and it can illustrate the following concepts:

• Application’s logic
• App structure
• Arrangement of design elements
• Images and content in the application.

Step 3: Develop User Interface (UI) & User Experience (UI)

As your prototype is built, you can inch towards developing UI and UX design for your fintech application. Customers are always attracted where they find security and transparency of their financial assets.

Based on this fact, you should develop a UX/UI design of your application that delivers:

• Useful Account
• Ease of Use
• Transparency
• Security

Step 4: Select a Top Technology Stack

Myriads of technology stacks are prevailing in the market, and you have to select a top technology stack for your fintech app. Several fintech apps failed due to the wrong selection of technology stack.

Moreover, a well-researched technology stack will:

• Be economical to the project.
• Reduce the app development time.

Step 5: Generate the application’s code

You can manage this situation in two ways:

• Your in-house software development team will operate.
• Outsource your work to a pioneer in the software development of banking applications.

Application code requires your full attention! There can be unfortunate events, for example, data breaches, which can hamper app security.

Your App Codes Should Be Bug Free

Therefore, the application code should operate across all devices and operating systems. In case there erupts a predicament, then software programmers can act swiftly on it. Furthermore, if the code requires any changes, then it can also be managed.

Step 6: Work on API Security Strategy

An effective API strategy will assist in:

• App functionality
• App Data
• Content
• Data Security

APIs are handy when you want to:

• Block Anonymous Traffic
• Manage the calls made to API
• Pinpoint usage design in API's traffic
• Filter Logs

There are 2 ways through which API Keys offer project authorization:

• Project Identification
• Project Authorization

You have to strategize the API keys for your fintech app. If you want to know more about the API and its relevancy for your project, you can visit here.

Step 7: Apply 2FA Mechanism

Be ascertain that your payment app is impervious to any data breaches. Hence, a fool-proof authentication and identification system is required for app security. It is better to implement Two-factor Authentication (2FA) to better safeguard:

• A user's credentials.
• The resources the user can access.

Make sure that a proper balance is maintained. A user can log in to the app without any constrain, and all potential loopholes are closed.

Step 8: App Release & Future Updates

The important part of the app development is to release your app on the major platforms, such as:

• Google Play for Android
• App Store for iOS
• Windows Store for Windows

See beforehand that your app is polished for the release. Your development team or outsourced team will assist you with a smoother release.

You have to adhere to all the online platform policies to release your application, as each has its regulations for banking app developers. Now, your app will generate feedbacks and ratings after the release from the customers.

What to do after the app release?

After you have released your application, you have to manage

• Release timely updates of the app.
• Invest in Marketing & Analytics Software
• Work on feedback from your customers.
• Run campaigns for your app.

Wrapping Up

Fintech App development is a journey that requires years of experience and skills to produce it. There should be a proper analysis of the market and customer behavior by the team.

Ask your team to execute proper testing so that you are apprised of its bugs beforehand and then work on troubleshooting steps to mitigate the errors. It will surely minimize your costs and time.

Polish your app before releasing it on the platforms, in turn making your customer fully satisfied.

Source:

1. Fortune Report: https://fortune.com/2021/10/12/plaid-fintech-use-adoption-us-consumers-baby-boomers/
2. World Bank Report: https://www.worldbank.org/en/news/press-release/2020/12/03/fintech-market-reports-rapid-growth-during-covid-19-pandemic