CRYPTOCURRENCY AND BUSINESS

 

JORDAN BELFORT- "The wolf of wall street" recently shared another admonitory episode from his life , this time not his bacchanalian orgies but his victimhood. A hacker broke into his account and transferred funds worth $30000 to a seperate account.

 

This incident is a source of apprehension as well as jubilation for Indian bussinessesIt is a source of hope and jubilation because it accentuates the low cost and easy transferrability of cryptocurrency.Most businesses fail to transcend domestic frontiers due to lack of speedy fund transfer services at minimal costs but as cryptocurrency widens its reach among consumers , businesses will bask in their domestic as well as international glory.

 At the same time the incident may add to the frustration of businesses due to the lack of sufficient data protection which encourages hacking. Moreover the recent downward surge in the value of cryptocurrency may expose Indian businesses to the risk of easy degradation in financial wealth.

 The need is for an RBI-backed digital asset ,which is well felt by Indian authorities and hence the same was announced in the recently concluded budget session.

By Pratyksha Mishra