CRYPTOCURRENCY: the invisible asset

 

CRYPTOCURRENCIES ARE THE NEW ASSET! CRYPTOCURRENCIES ARE ON PEAK ! CRYPTO-BILL! CRYPTO IN INDIA! AND WHAT NOT.

A LOT OF US MIGHT WONDER , WHY HAS THE CRYPTOCURRENCY BECOME A BIG HIT and WHAT IS IT ??

CRYPTOCURRENCIES ARE DIGITALISED AND DECENTRALISED ASSETS. THE TRANSACTIONS THAT ARE MADE ARE HIGHLY SECURED. THEY WORK ON BLOCKCHAIN TECHNOLOGY. THAT IS A PUBLIC LEDGER. ALL THE TRANSACTIONS ARE STORED IN CHRONOLOGICAL ORDER. THE GOVERNMENT HAS NO CONTROL OVER THE TRANSACTIONS, THUS A LOT OF COUNTRIES HAVE BANNED CRYPTOCURRENCIES OR THEIR STATUS IS LEFT UNCLEARED.

BITCOIN THE THE MOST SYNONYMOUS CRYPTOCURRENCY BUT SINCE LAST 6 MONTHS EVEN ETHEREUM AND DOGECOIN HAVE GAINED POPULARITY.

IT WORKS JUST LIKE TEH STOCK MARKET, THE PRICES RISE AND FALL. STOCK MARKETS HAVE BANKS IN BETWEEN FOR TRANSATION BUT CRYPTOCURRENCIES HAVE THEIR OWN BASE.

INVESTMENT IN CRYPTOCURRENCY IS ADOPTED BY A LOT OF PEOPLE. BUT DUE TO UNCERTAINITY OF DROP IN PRICE SOME RESIST INVESTING IN IT.

THE CRYPTOCURRENCY BILL

 

In order to understand the merits and demerits of the CryptoCurrency Bill, also called Crypto Bill, one has to delve into the sphere and understand what cryptocurrency is. This is required for a clearer understanding of the bill. Not only this, but the knowledge of cryptocurrency will also aid one in forming their own opinions of the same.

What is cryptocurrency? – It is a digital form of money and is decentralized. This means that unlike the US Dollar or the Euro, there is no centralized body to regulate and manage its value. It can also be termed as a deregulated form of money. Cryptocurrency is monitored by peer-to-peer internet protocol and is an encrypted string of data encoded to signify one unit of currency.

In a nutshell, cryptocurrency is just like paper money and can be used to carry out day-to-day transactions and buy regular goods and services although many people invest in cryptocurrencies as they would in other assets, such as stocks or precious metals such as gold.

Why is cryptocurrency gaining traction? –   Albeit the fame of cryptocurrency in other countries is commendable with instances like Elon Musk investing a handsome amount of money on Bitcoin( a form of cryptocurrency), people in India too are showing interest. Understanding this phenomenon is important to understand the aftermath of the bill (if implemented).

  1. Failing government policies –   It is no secret that many government policies have failed miserably having an impact on the economy of the country. Plus, in the last two years, the business has slowed down due to the ongoing pandemic and no one knows what’s in store for the future. Also, nothing appreciable has been done by the government for the revival of the economy. With all these phenomena going on, crypto has been a savior and hence the inclination of people towards it. This has been possible because of the decentralized and the deregulated nature of the currency.
  2. Progressive Taxation – Taxes are no doubt a necessity. An individual who earns more has to pay a higher tax and a person who earns less, has to contribute less. But in the case of crypto, no such system exists. It is a good escape from the taxation system and nevertheless the less digital knowledge of the currency and its working, it is gaining fame.
  3. Type of digital gold – People invest in a lot of things. Precious artifacts, stocks, and precious, high-value metals. One metal that all people invest in is Gold. Prices of gold usually increase providing people with a good deal of benefits and it seldom disappoints. Somewhat similar is the case with cryptocurrency. The meteoric rise that people witness in it is a key factor of people getting more interested.

But is crypto full of advantages and no negatives? That is not the case. Understanding its disadvantages is equally important to weigh the consequences of the bill better.

Perils of cryptocurrency –  

  1. Deregulated –  Deregulated nature of the crypto can be advantageous not just to genuine users but also to hackers and spoofing. Digital theft is a possibility since no one is present to oversee the activities.
  2. Stability-  The graph does not always go high. There have been times when downfall has been witnessed. The volatility of crypto is another aspect that needs to be kept in mind.
  3. Scalability-  While security and decentralization are what the main focus of crypto is, speed remains an issue.

THE CRYPTOCURRENCY BILL –  In the year 2018, a circular by the RBI was issued barring banks and other financial institutions from facilitating transactions using crypto. SC however quashed the circular on grounds of ‘disproportionality’ and business using crypto resumed. In the Budget Session held from January 29, 2021-April 18,2021, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was to be introduced. This proposed creation of a facilitative framework for the creation of ‘official digital currency’ and prohibit all private crypto in India. This however was presented neither in the Budget nor the Monsoon session. The reason given was more introspection on the matter.

What if the bill is implemented in India? Will it be useful for the masses as a whole or will the rich become richer? Is it a good deal to exit the crypto bus?

The fact that corruption will be controlled because of the digital signature mechanism of the currency cannot be neglected. FDIs will be attracted. Technological development will be promoted for sure. India will be able to compete with the developed nations across the globe.

A host of advantages exist but the next question arises –Given the digital literacy divide and money in hands of a few, is India ready?

I leave the choice to you.

According to a report, crypto-linked card usage surpassed $1 billion in the first 6 months of this year.

 According to Visa, consumers spent more than $1 billion worth of cryptocurrencies on goods and services via crypto-linked cards in the first six months of 2021. Only a fraction of this amount was done in the same times last year (2020) and last to last year (2019), according to the firm’s estimations. According to a CNBC report, Visa did not reveal any numbers.

Photo by Ivan Babydov on Pexels.com

On July 7, Visa CFO Vasant Prabhu told the news source, “We are trying a lot to establish an ecosystem that makes crypto money more useable and more like any other cash.”
People are looking at alternative methods to use cryptocurrencies for items that they would normally pay for with traditional currency, according to Prabhu. “There are numerous difficulties with regard to volatility. However, it is the responsibility of cryptocurrency owners to maintain and track their assets“, he added. Visa isn’t the only company to see cryptocurrency’s steady rise in popularity among customers.

In a research, Master card discovered that over 93 percent of North American consumers planned to utilise bitcoin or other developing payment technology in the coming year, such as biometrics, contactless payments, or QR code systems. “We see a lot of volume on our network of people buying cryptocurrencies at these various licenced exchanges,” Prabhu said.

Visa also announced that the FTX cryptocurrency platform, established by billionaire Sam Bankman-Fried, will be included in its Fintech Fast Track programme, which has as one of its goals making cryptos smarter for consumer and business spending. According to the article, the payments company’s CFO has no intentions to add cryptocurrencies to its balance sheet in the near future.

Coinbase made its Nasdaq debut in April, making it the first cryptocurrency-focused company to do so in the United States. While Bitcoin’s success was largely due to its widespread use, its value has now plummeted.
Following a drop in crypto assets such as Bitcoin and Ethereum on May 19, exchange disruptions have been observed around the world. Aber consumers and traders complained about trouble trading their digital assets, exchanges cited a variety of reasons for downtime.

The Future of Cryptocurrency

 Introduction

Cryptocurrency has seen an enormous rise in the market recently. It is a form of online payment which can be exchanged for goods and services. There are many companies who issued their own coins or tokens which can only be traded in that particular company which released them. Cryptocurrency works using a technology which is known as blockchain. Blockchain is a technology which is spread across computers and maintains records of transactions. The main appeal of this technology is its security.

Bitcoin, the first blockchain based cryptocurrency, was created in 2009 by Satoshi Nakamoto. From then it has been the most popular and most valued cryptocurrency. Currently there are more than 10,000 different coins which are being traded publicly. Nowadays people are racing to buy crypto because they think coins like Bitcoin, Ethereum and Dogecoin are the currencies of future. But for this to happen, they need to be stable, for the traders and merchants to determine a fair price for their goods and services. Bitcoin, the face of cryptocurrency holds almost 50% of the total value of cryptocurrency. Bitcoin is also the most traded coin in this world.

Photo by Pixabay on Pexels.com

People can trade different types of cryptocurrencies with the help of online brokers like Coinbase, Robinhood, Webull, TradeStation, etc. Cryptocurrency has hit its all time high of 2.2 trillion dollars in April and currently has a value of more than 1.4 trillion dollars with Bitcoin holding a value of more than 630 trillion dollars. Many of the big name investors see cryptocurrency as the future but also tell that it is highly profitable and also highly risky because of its instability.

Advantages of Cryptocurrency

Cryptos hold the promise for making the transaction of funds easier between two people directly without the need of a third person such as banks, etc. They are also very secure because of the technology used in it. The transfers are completed with minimal processing fee unlike the banks. It allows the users to avoid the high processing fees charged by the banks.

Disadvantages of Cryptocurrency

Cryptocurrencies are very private and anonymous which make them a host for many illegal activities such as money laundering and tax evasion. Coins like Bitcoin whose forensic analysis have helped the government track and prosecute criminals. But there are many coins like Dash, Zcash which are very private and very difficult to trace.

Investment in Cryptocurrency

Cryptos can be used as a source for either as quick income or for long term holdings, as it is very unstable. Cryptocurrencies offer high risk but high reward. People with experience and people who can read the markets clearly can reap huge amounts of profits from this. There are many coins or tokens like Tether which are suitable for long term holdings and coins like Bitcoin and Ethereum are suitable for making quick profits. 

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

Top-performing Cryptocurrencies

 Cryptocurrency has wrapped the world in a short period. It is a digital payment method that has the potential to renovate the whole idea of carrying cash. Today anyone can invest in crypto a few simple sign-ups, blow your card details and one is all ready to trade in money for digital currency. It is the only piece of tech which promises security over the internet to date. These digital currencies offer multiple advantages if compared to the traditional method like transparency, lower speed, and transaction speed.

Without knowing the numerous participants currently operating within the market it would be an incomplete exploration of cryptocurrency and blockchain technology. The oftentimes heard are Bitcoin, Ripple, and Bitcoin cash, but there are more than thousands of cryptocurrencies prevailing. This statistic git hike in July 2017, when the various new firm entered this market for trade.

Here are the top 5 performing cryptocurrencies:

Bitcoin – The oldest cryptocurrency and known as the king of cryptocurrencies. It has the highest liquidity. It is the most used to date.

Ethereum – This is the most crucial after bitcoin. It stimulates thousands of ventures to develop. This got popular in 2017 when it’s price rose from 10 dollars to 900 dollars. This allows us to create tokens and implement smart contracts.

Ripple – This stands third in the ranking of cryptocurrencies. This is mainly acquainted with large organizations than smaller users. It has collaborated with large banks around the world.

Litecoin – This is highly considered for its liquidity and large-cap market. This is suitable if one wants to avoid risk and stay away from the small-cap market.

BAT (Basic Attention token) – it is used to tip content creators or anyone found helpful on the internet. It is one of the most desirable cryptocurrencies since 2018.

The most significant one among the above list is Ethereum after Bitcoins. Ethereum is very convenient as it enables multiple projects. It is easy to use for new users. The strength of this currency is directly proportional to the potential of its network. Most importantly it can execute smart contracts. With the additional facility of no amount barrier, liquidity, transparency of transaction, diversification, and lower fees.

Cryptocurrency

 

A cryptocurrency, crypto-currency, or crypto may be a digital quality designed to figure as a medium of exchange whereby individual coin possession records area unit keep in an exceedingly ledger existing in an exceedingly type of a processed information mistreatment sturdy cryptography to secure dealing records, to regulate the creation of further coins,

How many cryptocurrencies area unit there? What area unit they worth?
More than ten,000 completely different cryptocurrencies area unit listed publically, in keeping with CoinMarketCap.com, a research web site. And cryptocurrencies still proliferate, raising cash through initial coin offerings, or ICOs. the whole price of all cryptocurrencies on might twenty seven, 2021, was over $1.7 trillion — down from Apr high of $2.2 trillion, in keeping with CoinMarketCap. the whole price of all bitcoins, the foremost well-liked digital currency, was pegged at regarding $735 billion — down from Apr high of $1.2 trillion.

Best cryptocurrencies by capitalisation
These area unit the ten largest commerce cryptocurrencies by capitalisation as half-track by CoinMarketCap, a cryptocurrency knowledge and analytics supplier.

Cryptocurrency

Market Capitalization

Bitcoin

$735.3 billion

Ethereum

$324.2 billion

Tether

$61 billion

Binance Coin

$57.5 billion

Cardano

$54.6 billion

XRP

$46.5 billion

Dogecoin

$44 billion

Polkadot

$22.1 billion

USD Coin

$21.9 billion

Internet pc

$16.7 billion

Why area unit cryptocurrencies thus popular?
Cryptocurrencies attractiveness to their supporters for a range of reasons. Here area unit a number of the foremost popular:

Supporters see cryptocurrencies like Bitcoin because the currency of the long run and area unit sport to shop for them currently, presumptively before they become additional valuable

Some supporters just like the proven fact that cryptocurrency removes central banks from managing the money provide, since over time these banks tend to scale back the worth of cash via inflation

Are cryptocurrencies legal?
There’s absolute confidence that they’re legal within the us, although China has primarily prohibited their use, and ultimately whether or not they’re legal depends on every individual country. even be guaranteed to take into account the way to shield yourself from fraudsters WHO see cryptocurrencies as a chance to bilk investors. As always, customer watch out.

Are cryptocurrencies an honest investment?
Cryptocurrencies might go up in price, however several investors see them as mere speculations, not real investments. The reason? rather like real currencies, cryptocurrencies generate no income, thus for you to profit, somebody has got to pay additional for the currency than you probably did.

That’s what’s referred to as “the larger fool” theory of investment. distinction that to a well-managed business, that will increase its price over time by growing the profit and income of the operation.

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

The Unwritten Pages of Matthew Flynn

Daily writing prompt
Do you have a quote you live your life by or think of often?

Matthew Flynn was a man of extraordinary intellect and eccentricity, known throughout his small coastal town as a walking encyclopedia. His wealth of knowledge spanned from the arcane to the scientific, and he had a curious anecdote or a historical tale for every occasion. Everyone in town, from the fishermen at the docks to the baristas at the local café, believed Matthew would one day write a book—a monumental tome that would encapsulate all of his adventures and insights.

Photo by Andrea Piacquadio on Pexels.com

Matthew lived alone in a weather-beaten house by the sea, its walls lined with books and its floors littered with maps and manuscripts. His life was a mosaic of varied experiences: he had traveled to distant lands, dined with monks, danced with tribal chiefs, and even discussed physics with renowned scholars. These experiences were his treasure, and he cherished them more than any material wealth.

As years passed, the townspeople would often ask Matthew when his book was coming out. He would always smile, stroke his thick grey beard, and say, “All in good time. The best tales are those that ferment like fine wine.” His procrastination became a running joke, but behind the laughter was a collective anticipation for a masterpiece only he could write.

Matthew’s best friend, Eleanor, often visited him with freshly baked bread and a persistent inquiry about his writing. She had seen his journals, brimming with sketches, poems, and observations. “Matthew, the world needs your stories. Don’t let them die with you,” she would urge.

One stormy evening, as the wind howled like ancient spirits around his creaky home, Matthew sat by his fireplace, finally ready to compile his life into words. Just as he dipped his pen into ink, a sudden realization struck him: his stories, rich in detail and alive with emotion, could never be bound within the pages of a book. They were meant to be lived, felt, and told in the warmth of conversation, not read in the silence of libraries.

The next morning, Matthew set out with a decision. He began “writing” his book in a way only he could—he started a storytelling circle at the local community center. Every week, people gathered to hear him recount his adventures. His tales of distant deserts, hidden temples, and starry nights on the ocean enchanted listeners, young and old.

Matthew continued this tradition for years, never writing a single word of his book, yet sharing his stories more profoundly than he had ever imagined. His narratives became woven into the fabric of the community, passed down by those who listened and lived by the lessons embedded in them.

Then, one quiet spring morning, Matthew passed away. The town mourned the loss of their beloved storyteller, but they found comfort in the legacy he left behind. At his wake, the community center was filled with voices recounting tales Matthew had shared, each person adding their own flourishes—thus keeping his stories alive.

Matthew Flynn never did write his book, but his life proved that stories don’t need to be written to be remembered. They just need to be cherished and passed on. His unwritten pages lived on in the hearts and minds of those who had the fortune to know him, a book bound by the spirit of community and the threads of human connection.

Council of Scientific &Industrial Research(CSIR)-Indian Institute of Petroleumits(IIP)celebrated its 65th Foundation Day

 Council of Scientific & Industrial Research(CSIR)-Indian Institute of Petroleum(IIP), Dehradun,celebrated its 65th Foundation Day on its campus today. It is a premier R&D organization established on 14th April 1960. Padma Bhushan DrV K Saraswat, Hon’ble Member NITIAayog and Mentor CSIR-IIP, graced the occasion as the Chief Guest. The celebration marked the institute’srich history of pioneering research, innovative technologies, and industry collaborations.

 Dr V.K. Saraswat while speaking on the ocassioncongratulated the team CSIR-IIP and conveyed his best wishes on the 65thFoundation Day of the Institute. He also delivered a lecture on the “Energy Transition in India”. In his talk,Dr Saraswat emphasized the cleaner and carbon-free technologies that will drive the world in the near future. He also invited scientists to undertake challenging research in e-Methanol and Green Hydrogen. The takeaway from the talk could be summarized as follows: For Indian technologies to remain competent around the globe, we need to start working on carbon neutrality rigorously. 

Dr V.K. Saraswat also interacted with the scientific fraternity of CSIR-IIP. During the interaction,He praised the team of scientists, technicians, students, and staff, which added glory to the institute. The Director CSIR-IIP presented the roadmap of the institute from 2024 to 2030 to accomplish the Vikasit Bharat . Dr.Saraswat appraised the roadmap and proposed various suggestions for making it more beneficial to the nation.  

Dr Harender Singh Bisht, Director CSIR-IIP, highlighted various achievements made by the institute during the last 64 years, which included the Numaligarh Wax Plant, Sustainable Aviation Fuel, US Grade Gasoline, Medical Oxygen Units, Sweeting Catalyst, PNG Burner, Improved Gur Bhatti etc to mention a few. The students and teachers from the Oak Grove School, Mussoorie, also attended the programas a part of the Jigyasa 2.0 program. The students visited various laboratories at the institute and interacted with the scientists and research scholars working in them. The motive of the Jigyasa 2.0 program is to inculcate scientific temperament among school-going kids so that they grow up as budding scientists in the country.  

The celebration concluded with the vote of thanks delivered by Shri Anjum Sharma, Sr Controller of Administration CSIR-IIP. Team CSIR-IIP sincerely thanks all the individuals who provided unconditional support in making the program successful.

***

3rd convocation of National Sanskrit University, Tirupati

 Ladies and gentleman, good afternoon to you all. Greetings to you all.

I am indeed overwhelmed by being with you all in this sublime proceedings. I landed in Tirupati, had darshan at the temple. Friends, it is the Tirupati one that comes closest to divinity, spirituality, and sublimity. I experienced this at the Darshan. I felt blessed and sought bliss for all.

I am honoured to be here at this 3rd Convocation. Your Motto, ‘Tamaso ma Jyotirgamaya’, lead me into life from darkness. This is motivational, inspirational. It is in sync with civilization. It captures the essence of life. You have to live up to this Motto.

पिछले 4 दशकों में, तिरुमला पर्वत के तल पर स्थित राष्ट्रीय संस्कृत विद्यापीठ संस्कृत भाषा और विशेष कर पारंपरिक शास्त्रों के अध्ययन और अध्यापन का विशिष्ट केंद्र रहा है। This place is unique for this particular domain. मेरा ज्यादातर लगाव न्याय क्षेत्र से रहा है। अब मेरा लगाव संसद से रहा है। जब मैं दोनों की तरफ देखता हूं, तब इस विश्वविद्यालय की याद आना स्वाभाविक है।

विद्यापीठ के अध्यक्षों में कौन-कौन है? भारतीय पूर्व मुख्य न्यायाधीश पतंजलि शास्त्री, प्रसिद्ध V Raghavan और लोकसभा के पूर्व अध्यक्ष श्री एम.ए. अय्यंगार, और आज वर्तमान में विश्वविद्यालय को अनुभवी और योग्य पद्म भूषण श्री एम गोपाल स्वामी का मार्गदर्शन प्राप्त हो रहा है।

I extend my congratulations to all the graduating students. You have received your degree today; this is a significant day in your life. This is a cornerstone measure, a milestone for you, your parents, your friends, your teachers. You will now take a big leap into the larger world. You are lucky to be taking a leap at a time when Bharat is on the rise. The rise is unstoppable; we are heading towards Global power. We are fortunate.

I commend each of you for your dedication, hard work, and scholarly pursuit of Sanskrit knowledge.

अमृत काल में जो हो रहा है, दीक्षांत समारोह और भी महत्वपूर्ण है। यहां से स्नातक होने का कुछ अर्थ है, कुछ नए मायने हैं, कुछ नए मापदंड हैं। पूरी दुनिया में संस्कृत भाषा का आपको दूत बनना है। संस्कृत देव भाषा और विश्व के प्रथम भाषा है। हमारे वेदों की भाषा है, यह दिव्य और समृद्ध भाषा है। ऐतिहासिक दृष्टि से, संस्कृत सभी भाषाओं की जननी है और सबसे महत्वपूर्ण। जिसको आज तकनीकी दुनिया समझ रही है, संस्कृत वह भाषा है जिसको शब्दों का क्रम अर्थ को प्रभावित नहीं करता। जिसकी वजह से यह सर्वश्रेष्ठ भाषा मानी जाती है।

हमारे संविधान में सदियों पुरानी संस्कृत अनुभव और मूल्यों का सार है। संविधान ने भारतीय भाषा में विविधता और उसकी गौरवशाली इतिहास को समझाएं। स्थानीय संस्कारों का सृजन करना हमारी भाषा हमें सिखाती है। अपनी भाषाओं को, अपने साहित्य को जीवित रखना हमारा लक्ष्य होना चाहिए।

कोई दुनिया का देश भारत जैसा नहीं है, जहां इतनी भाषाओं का सौभाग्य हमको प्राप्त हो। भारतीय संविधान में 22 भाषाओं को मान्यता दी गई है। संस्कृत, तेलगु, तमिल, कन्नड़, मलयालम, उड़िया जैसी प्राचीन भाषाओं को एक नया दर्जा दिया गया है – ‘क्लासिकल लैंग्वेज’ का दर्जा दिया गया है।

Friends, Sanskrit is rightly taken as the mother of many Indian languages. It occupies a unique position in India’s linguistic evolution. Despite vast diversity of Indian languages, there exists inherent linguistic, literary unity with these richly profound languages. And friends, they serve as a great unifying factor. Throughout history, there has been constructive interaction among Indian languages and their literature. The grammar, structure, vocabulary of Sanskrit have significantly infused and enriched Hindi, numerous other Indian languages, as well as tongues spoken across Southeast Asia. This exemplifies the profound impact Sanskrit has in the region’s linguistic landscape.

पर एक चिंतन की बात है, जिस पर मंथन होना चाहिए। कोई भी भाषा तभी जीवित रहती है जब समाज में उसका उपयोग हो। उपयोग नहीं होगा तो लुप्त हो जाएगी। आवश्यकता है कि उसमें साहित्य लिखा जाए, उसे प्रासंगिक बनाया जाए। संस्कृत के उपयोग में सामूहिक बढ़ोतरी की आवश्यकता है। आप सब इसमें सक्षम हैं, यह आपका लक्ष्य होना चाहिए।

Friends, as India is poised to play big role on the world stage it requires an education system that would get not only local needs but Global requirements. We are fast heading in that direction.

शिक्षा नीति विकास और विरासत के बीच संतुलन बनाने का एक सार्थक प्रयास भारत में हो चुका है। संस्कृत भारतीय समाज के जीवन दर्शन का आधार रही है, जो संस्कृत नहीं जानते हैं वह भी संस्कृत का लाभ लेते हैं, संस्कृत से प्रभावित होते हैं ‘सत्यमेव जयते’ सबके मन में है, ‘यतो धर्मस्ततो जयः’ ऐसे आदर्श वाक्य संस्कृत ग्रंथों से प्रेरित है। भगवतगीता ने अनेक महापुरुषों का मार्गदर्शन किया वसुधैव कुटुंबकम भारत के वैश्विक दर्शन का सार है।

Just reflect what happened last year when we successfully hosted G20. What was its motto? “one Earth, one family, one future”.

This emanates from Vasudev Kutumbakam. The entire world has embraced it and it was an occasion where the entire world was surprised, enlightened and stunned at the rich historical worth of Bharat, its civilizational ethos of 5000 years. You all must have relished the Prime Minister of this country receiving the foreign dignitaries and what was the backdrop.

संस्कृत साहित्य मानवता की धरोहर है। आज के दिन हम देख रहे हैं तकनीकी युग है। Disruptive technologies have made have in roots in our lives. We have to curtain with them. पर यह कहा गया है यदि अगर कोई एक भाषा तकनीक के काम आ सकती है।

One language which can be uniquely fit in without error in technology science of all kinds is Sanskrit language. It is the only language whose expression orientation does not lay to 2 meanings and that is the most essential, quintessential requirement of Technology on critical occasions.

I am so happy to learn that NEP 2020 has included learning Sanskrit as an option at school level as part of the three-language formula. But to give it a cutting edge and realise it on ground, there is a need for Sanskrit textbooks being written in Simple Standard Sanskrit. Right now it’s a fear that learning sanskrit is difficult, speaking sanskrit is difficult.

Let me tell you friends whenever in life you are at Cross Roads that this job is difficult, it is difficult as long as we don’t tackle it, then it becomes soothing, seamless and enjoyable.For Sanskrit it is all the more.

शिक्षा नीति हमारी सांस्कृतिक, साहित्यिक, शिल्प, बौद्धिक विरासत का संरक्षण कर रही है। तीन दशक के बाद इसका निर्माण हुआ है। Stakeholders in thousands with their inputs were taken and then it was moulded.

अनेक देशों में संस्कृत के प्रति लगाव बढ़ रहा है। हमारे लिए तो यह स्वाभाविक है। हमारी संस्कृति कितनी विशाल है। यह संस्कृत से हमें पता चलता है। यह राष्ट्रीय प्राथमिकता होनी चाहिए। यह मेरा अनुरोध है इसमें आप लोगों का बहुत बड़ा योगदान है

Sanskrit inherits a rich and diverse literary corpus, encompassing not just religious and philosophical texts but also secular works on medicine, drama, music, and even science. if you go into that area you will find milestone of knowledge text in Sanskrit are repository of wisdom of senses not available anywhere else.

This vast vocabulary facilitated the expression of everything from the Vedas to epics like the Ramayana, and even practical guides like the Arthashastra. Despite this breadth, Sanskrit’s integration into the mainstream education remains limited, often hindered by a lingering colonialist mindset that still dismisses Indian knowledge systems.

भारतीय ज्ञान परंपरा को पुनर्जीवित करने और उसपर अनुसंधान करने के लिए, आप जैसे संस्थानों की महत्वपूर्ण भूमिका होगी। आप बखूबी निभा रहे हैं।

आप संस्कृत की मूल पांडुलिपियों को पढ़ सकते हैं और उनका सही अनुवाद और भावार्थ बता सकते है, अन्य भारतीय भाषाओं में उनका अनुवाद कर सकते हैं जिससे सभी भारतीय भाषाओं के प्राचीन ग्रंथों और उनमें निहित ज्ञान पर गहन शोध किया जा सके।

मेरा यह भी आग्रह होगा कि प्राचीन ग्रंथों की पांडुलिपियों और बेशकीमती मूल प्रतियों को digital format में संरक्षित रखने के लिए विद्यार्थियों को digital technology में प्रशिक्षित किया जाए। ऐसा करने के लिए आपको जो नेतृत्व आज मिल रहा है आप सौभाग्यशाली हैं।

Sanskrit is the language of divinity. In the pursuit of spirituality and the quest to connect with the divine, Sanskrit serves as a sacred bridge.

भारतीय परंपरा में यह मान्यता रही है कि ब्रह्मांड की उत्पति “स्वर” या “नाद” से हुई है। संस्कृत में शब्द ही नहीं बल्कि स्वर और उनके उच्चारण का भी महत्व है।

ओम! वातावरण ही बदल जाता है। देखिये किसी भाषा में इतनी ताकत नहीं है।

Sanskrit, to the extent the languages are concerned, has a nuclear potential. We have to exploit it in a nation with 1.4 billion people, a Nation that is vibrant democracy, a nation whose global economy at the moment is at number five will shortly bet at number three.

We only have to make it an agenda and execution is implementable, it is achievable, it is achievable, it is in National interest and it will give a different kind of global rise.

The resonant chants of the Vedas, the hymns of the Upanishads, and the mantras recited in temples all infuse the atmosphere with serenity and transcendence. As a leading Sanskrit University, you are uniquely positioned to champion Indian knowledge systems in higher education.

By developing innovative curriculum and fostering interdisciplinary research, you can bridge the gap between Sanskrit’s rich heritage and modern academic needs.

Let Sanskrit’s sacred language not only connect us to the divine, but also illuminate the path towards a more holistic understanding of the world.

In today’s whirlwind, Sanskrit offers a unique solace: intellectual rigor, spiritual serenity, and a deeper connection to oneself and the world. It’s a cultural anchor in a storm.

Congratulations, graduates! Your dedication has brought you to this milestone.

Carry Sanskrit’s legacy – not just academic knowledge, but a path to transformation. Become ambassadors for this invaluable heritage, ensuring its treasures reach future generations.

Studying Sanskrit is far more than academics; it’s a journey of self-discovery and enlightenment.

People look for satisfaction and happiness. Sanskrit is a mechanism and medium to secure it. The ancient verses hold not just intellectual insights, but a path to understanding life’s mysteries and our place in the world. What our philosophy is, in nutshell, the universal gospel of Sanatan dharma.

May the wisdom of Sanskrit continue to illuminate our minds and hearts, guiding us towards a path of enlightenment and spiritual fulfillment. People care for heart, people care for mind. When you are care for your soul then you remember Sanskrit then you remember our civilizational depth, then you remember spirituality. Sanskrit is a medium to take you to that place.

At this juncture, I wish to extend my heartfelt congratulations to the graduating students. Your dedication and perseverance have led you to this momentous milestone. As you step into the world beyond this Campus, armed with the knowledge of Sanskrit, remember that you carry a torchbearer of an ancient legacy—one that is not merely academic but profoundly transformative.

I urge you all to become ambassadors of Sanskrit—its custodians and its champions. Let us strive to preserve and propagate this invaluable heritage, ensuring that future generations inherit the treasures of our linguistic and spiritual legacy.

Let us act as trustees of Sanskrit language and our civilization and Pass on to future generations by adding value to it.

Once again, Congratulations!

Thank you. Jai Hind!

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Bharat Biotech Campus, Hyderabad

 Hon’ble Governor of Telangana, Administrator Puducherry and Governor of another state Jharkhand.  A man with rich experience of having been a parliamentarian for two terms and now holding this constitutional position.

This constitutional position of the Governor is no longer ornamental and we have the right man at the right place with right experience, right dedication and right commitment.

Padma Awards have got very high credibility.They are no longer driven by patronage or so-called iconic status or reputations built by event management. Padma Awards are very authentic and you all must have been surprised that when a person next door gets Padma Award you never look for that. But your reaction will be the right person has got it.

In this case the right persons have got it. So I was there. We interacted with the couple a little more extensively when we invited them and others who had got Honoris Causa from Punjab University for lunch.

Very simple, very modest, not driven by commerce, not driven by the balance sheet results. The balance sheet must respect and reveal societal aspect. But thanks to pandemic COVID and pandemic COVID has taught us many good lessons.

One is the world has come to know about you people more closely. You have been majorly instrumental in taking care of 1.3 billion people, making us proud all the way. But what is more significant of their contribution is that this country, while handling its own problem, handheld 100 other countries, Covaxin Maitri.

We gave COVID vaccine free to about 100 countries. Now I come to the real point. How this has been brought about? Research, development, innovation.

Research and development are the final strength of any economy. They are the final strength of any nation. Execution is never a problem.

Execution can take place by mediocrity, but developing a particular medicine, being innovative about it, that’s the greatest help you can contribute to the humanity at large. This company stands out. And this company stands out not because of two of them.

It stands out because of the people before me also. And those who are in attendance in virtual mode. And those who may have served here and may have retired.

Because it is the human capital that is precious. It is the human capital that alone is the ultimate repository of your wealth. I have come across many educational institutions.

People who are big in infra, never had academic inclinations, have excellent institutions. But faculty is missing. That’s the situation.

Your esteemed institution has truly set a benchmark in innovation, research, service, and education. You are not driven by commerce interest. Of course, every mechanism has to be sustainable.

If it is not sustainable, it wouldn’t work. Then this company has been a pioneer. And a pioneer is one who faces headwind more severely than others.

Headwind in the shape of administrative hiccups. Headwind in the shape of assimilating human resource. Headwind initially in the shape of there not being sustainable financial reward.

But this has become a success model. I am told 9 billion vaccine doses globally have been delivered. Of course, our countries are big in size.

And we know big numbers. 1.4 billion. 9 billion is quite a statistical figure.

Staggering. Then it gives emphasis to alleviation of human misery. Because it has been said over ages, If you are not healthy, you cannot deliver.

You may be talented. You may be committed. You may be possessed of highest integrity and ethical standards.

You may have a brain which is remarkable. But if health fails you, rather than being asset to society, you become a liability. And if a person is not possessed of these great study qualities and suffers health hazard, his economy is already vulnerable.

It is nothing short of a panic in the entire family. Therefore, this work is remarkable human service. Because we are living in times where we have become too materialistic.

We talk of mind. Occasionally we talk of heart. But rarely we talk of soul.

Now soul and spirituality define a human being. And that comes only when society is not overtaken by health hazards. Fortunately, a country of our size has seen in recent years, policy initiatives and schemes that have hand-held the last in the row.

I am talking about the health program we have in the country. I think its reach is beyond any program in the world. But then a lot more is to be done.

If you look at our ancient scriptures, our Vedas, Atruvaveda in particular, you will find that focus on health and the kind of situations they have indicated. Now companies like this can work in innovation, research, development, to bring about a mechanism of prevention, precaution. Let us not get alert when we have a mechanism where the button has to be pressed and the doctor has to be summoned.

 That situation must be avoided. And that is avoidable. I am sure a company like this would for sure take care of dissemination of right information, right knowledge across all segments of society, rural, tier 2 cities, tier 3 cities, and urban centres.

 Your exceptional contribution made us proud for another reason. And that is India’s unprecedented technological penetration, digital penetration. A decade ago, imagine what the scene was.

 And the scene was we were counted as a nation, fragile five, facing difficult situations, traversing difficult terrain. We have negotiated to slot number five, ahead of Canada, ahead of UK, ahead of France. Matter of time, we’ll be ahead of Japan and Germany.

 But France and most of you will not be aware. When I was elected to Parliament in 1989, and it was a good fortune to be a minister, the size of the Indian economy, hold your breath, make sure of your seats, was less than that of cities like Paris and London. Can you imagine? In 1991, right now our foreign exchange reserves are more than 600 billion.

 In 1991, to sustain our fiscal credibility, we had to physically load our gold in a plane. To be placed to two sea banks. What I’m telling you is we have come a long way.

We are at a place which I never imagined in 1991. Never dreamt of, never thought our Bharat will be what it is today. There is not a sector in which we are not in the big league.

 Let’s talk of space. Chandrayaan 3 landed at that part of the moon where no one has landed. On 23rd August, 2023, it has become now a space day.

 Tiranga and Shiva Shakti points are embedded on the surface of the moon. Thanks to our achievements. All this because ISRO, an organisation like you, is engaged in that activity.

 Go to 60s, rocket parts being taken on a bicycle. In 60s, our neighbouring country could put its satellite in the space from the homeland. We couldn’t.

 And now this country puts in space satellites of developed nations. Singapore to UK and others. And why? Good value for money.

 But look at our national temperament, some of them. They continue to be in the bubble. They are incorrigible critics of our development.

 They are recipe for chaos. Chandrayaan 2, it was September 2019. Along with my wife, I went to science city in Kolkata as governor of state of West Bengal.

 500 boys and girls were with me. Around 2 a.m. or thereabout, the landing was not soft. We reached quite close to the surface.

 Very close to it, just few centimetres. Landing was not smooth. Some people took it as failure.

 It wasn’t failure. It was success but not 100%. If Chandrayaan 3 is a success story, the foundation was laid by Chandrayaan 2. And therefore, when you are engaged in such a difficult task, there will be failures.

 There will be fear of failure also. There will be people to compete and walk away with success which may be yours. Notwithstanding that, our pursuit to serve humanity by research and development, scientific research should never get impeded.

 Indigenous research is something on which you must focus. There was a time when we would wait leisurely that a product will be developed in the West. Let’s take a radio.

 We’ll get it after about 5-6 years. Then we got it after about 2 years. Then we got about 6 months.

 And now we get it immediately. But now, there is reversal. Our products are going outside.

 We got into that mode. Now, I put two poses before you. 100 billion or more foreign exchange is being drained out every year because we import items that are available.

 This is, as a matter of fact, disrespect to being vocal about local or commitment to society. I term it as economic nationalism. It immediately has three serious dangerous consequences.

 One, avoidable drain of foreign exchange. Secondly, when we import avoidable imports, items that are made available here, only for some fiscal gain. We are depriving our people of employment.

 We are snatching work from their hands. And more critically, we are also impeding entrepreneurship growth. Same is about raw material export.

 Why should a nation of our size export raw material? Why should we declare to the whole world that we can’t add value to it? We export raw material. Value is added, we import the item to which value has been added to our raw material by someone outside. Now, while your stream may be different, you are a leader in research and development.

 You are trailblazers. This must be there in all areas. I am an agriculturalist.

 I belong to a farmer’s family. I know the importance of education. But for admission to any school, I may not have got opportunity.

 There was no road, no electricity, no water, no toilet in the house. What I see in every village now. Transformative change.

 Toilet is there. Tap water is there. Electricity is there.

The Internet is there. And education is also there. The world is stunned that the per capita internet consumption of this great nation of 1.4 billion per capita is more than that of USA and China taken together.

Our digital transactions are nearly 50% of global transactions, empirically. It could be one or two percent, less or more. In such a situation, how painful it is.

Because I am before people who have discerning minds, scientific temper, who have capacity to change Bharat and the world, not arithmetically, but geometrically. Can we countenance anti-national narratives? Can we suffer an expert trying to capitalise on ignorance of others? He knows full well what I am saying is wrong. He knows India’s economy will be rising more than 7.5%, which it did at the relevant time.

He said it wouldn’t go more than 5%. By virtue of the position he held, ordinary people believed him. Those who are doubting our accomplishments have to experience it by cutting out of that bubble.

Commitment to nationalism is not optional. It’s the only way out. We have to be proud Indians. We have to take pride in our historical accomplishments. I don’t want to tell you what we have achieved. But just look at the last few months.

New building of parliament in less than 30 months. Not just a building. Made functional inside, 100%. We had Bharat Mandapam, one of the ten global convention centres. Where we held G20. Yashod Bhoomi, where we held P20.

 Look at our train mechanism. Look at our airports and railway stations. Look at our highways. Look at our digital penetration. Now, all this has to sustain. By we Indians being different.

 We can no longer afford to look for technology outside. I am happy to share with you. That when it comes to disruptive technologies, you are aware of them. You are informed scientific minds. It is nothing less than a new industrial revolution. These technologies have entered our homes, our offices, our way of life.

Artificial intelligence, Internet of Things, blockchain, machine learning and the kind. Now research has to generalise them. These technologies otherwise are like unregulated nuclear explosion. But if nuclear power is regulated, you get power. That is another challenge. So one Bharat by take is not enough. Hundreds are not enough. In a country of our size, the number has to multiply. And seriously, India is known as the pharmacy of the world.

Just imagine. The most populous country in the world. This pharmacy of the world means it has taken care of its own populace. And then catering to others also. There is more to be done. Our radar has to focus on global issues.

The world is finding it very difficult to deal with challenges which I call existential. They are challenges not for one country. Not for one region. Not for one kind of human race. These are challenges for the entire planet. Disease, health, food, climate change.

And the solution lies only in research and development and technology. Friends, all over the world, academics have blossomed. On account of corporates hand-holding them. If you look at institutions of repute in the western world, they have become financial giants because their alumni have contributed. Industry has supported the research. How painful it is. And some of us within the country have doled out millions of dollars to those institutions, ignoring institutions at home. I’m not criticising. They may have done it rationally, thoughtfully, for a valid cause.

But I appeal from this platform. Our corporates, they must hand-hold research and development. They must hand-hold our academic institutions. I was at a function recently where I put a point across. For consideration, I’ll do it here. CSR fund is defined by statute.

For some companies, the amount will be such that even if there is a will, intent, nothing can be achieved. But if corporates come on the same platform, that every year we will use part of CSR to bring one or two great research centres, institutes of excellence, they have funds from CSR. If they part with part of the CSR fund, in a structured manner, it will do wonders.

And in a decreased time, our country will be having institutions all over of that category. I think that is something we should be seriously focusing. Another thing which the team here can take note of and act is we have greatest talent pool reserve in the shape of alumni of institutions, IITs, IIMs, great colleges, other institutions engaged in science, technology, forensic science.

 They are alumni. The alumni are all over. The alumni come together, engage in an activity to help their institute in infrastructure or otherwise.

 But if they constitute a think tank for policy formation of this country, I can assure you it will do wonders, including in your own line. They both have seen both the words. They were there. And came in late 90s here.

Future belongs to Bharat. Our present is proof of it. At present, we are the only country of our size where the economy is growing faster than anyone else. We are the only country indicated by World Bank, IMF, World Economic Forum as a favourite destination of investment and opportunities. Presently, we are the only country whose human resource is contributing all over the globe in apex institutions. We are the only country of our size that has vibrant democracy, constitutionally structured at all levels from village to the centre. And therefore, to say that we are emerging now as a superpower, we are no longer a country with potential. We are no longer a sleeping giant.

 We are fast moving. We are fast tracking. We have to see and ensure that our marathon March Bharat@2047, where it celebrates the centenary of its independence, that march will be a successful march, a march in togetherness with only one object: to make our Bharat a developed nation and a global leader, because Bharat being a global leader means peace and stability for the entire humanity. Look around in history, the only country that has not believed in expansion.

We had Raja and Jamidaar; they never believed in expansion. We suffered invasion; we never engaged in invasion. We absorbed everyone; we sought resilience. No other country can have that kind of civilization ethos of 5000 years.

Lord Buddha says, “Change is never painful, only the resistance to change is painful,” and there was Greek philosopher Heraclitus who says, “The only constant is change.” He also said the same man cannot enter the same river twice because neither river will be the same nor the man will be the same.

There must be a synergy approach between all stakeholders in democratic governance with one object in mind: to ensure the rise of the nation and leave to its citizens in all sectors, relieve them from health problems, empower them in education, make their life affordable, inspire them. Right now, the nation is in a bit a mood; there is an atmosphere of hope and possibility.

I am extremely grateful to come to a place where people are driven by the consensus of humanity, where people are driven by sublimity, where people are passionate not to increase their bank balance but to increase their societal contribution balance.

My best wishes to all of you and those who are in virtual attendance. I wish you the very best in your life, and I am sure you will, to conclude, be worthy partners in the marathon March for Viksit Bharat@2047.

Thank you so much.

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

TOP FIVE VALUABLE CRYPTOCURRENCY

 

CRYPTOCURRENCY

A cryptocurrency are the one of the currency which used to transfer money by peer-to-peer network which referred as blockchain. Cryptocurrency are working by blockchain technology. This blockchain technology are the technology which is decentralized. This technology are used in many computers across the world. This decentralized technology will manage and identify the transaction and the mankind. Many people in the world are investing cryptocurrency for their future intentions.

BITCOIN

Bitcoin was initiated for transferring funds from one to another without any third party. In the platform many people are transferring money from one to other without any third party. It is also a decentralized technology to sent and receive money in digital platform. many billionaire are investing in the decentralized technology.

Symbol of bitcoin

ETHEREUM

Ethereum is also a decentralized money which helps in transferring money from one to another. Ethereum is developed by the blockchain technology by Vitalik Buterin https://en.wikipedia.org/wiki/Vitalik_Buterin in 2013. This technology is developed by the blockchain technology from transferring money to another. This technology may change the digital transaction for the next decades. This is second largest cryptocurrency platform and it is the open source blockchain technology. This technology is included in one of the top five cryptocurrency

RIPPLE

It is the currency for the exchange for the real-time gross settlement. It is created for the transfer money from one to another. It is created for the transfer money from one to another without any thirds-party. Ripple is monetary system that was decentralized and could effectively empower individuals and communities. The Ripple is also known as XRPhttps://ripple.com/xrp. And also Ripple i tied up with Securities and Exchange Commission (SEC) for legal transaction. you can invest or trade in the ripple now-a-day with many platforms.

FOUNDER OF RIPPLE

BINANCE COIN

Binance coin are the cryptocurrency exchange which works with the biggest cryptocurrency, bitcoin and similar to ALTCOIN cryptocurrency . It was founded by Changpeng Zhoa(CZ) in 2017. This coin website is https://www.binance.com/en. This will one of the gem for the future investment.

CARDANO

Cardano was founded by Ethereum co-founder Charles Hoskinson. It is the decentralized platform. Main theme of the coin is to cardano is peer-to-peer transaction. It is one of the more balanced and sustainable cryptocurrency. It is an open-source project and does not conduct any independent diligence. Cardano facilitated as third generation cryptocurrency. It cryptocurrency wants to solve three big pain points of the current generation: Scalability, Interoperability, sustainability.

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Cryptocurrency simplified

 In the simplest of terms cryptocurrency is a digital currency used to make transactions. It is currently not being used to make transactions but can be potentially used to do so. Before jumping to cryptocurrency let’s clear our basics.

Understanding currency 

Think of cryptocurrency as any other currency, we use currency to fulfil our needs and we exchange currency because we are aware that we will be provided with goods and services in return. Now, this currency is not limited to just notes or coins but can be anything. Like in olden times barter system existed where people would exchange goods and services for other goods and services in return but this concept had a lot of limitations so currency started evolving. We moved to commodity money i.e., gold, silver then to metal money then paper money then plastic money(cards) and now we are moving towards crypto. These currencies evolved because the previous methods of transaction had their own drawbacks.

Like any other method, the method of transaction that the world operates on now also has drawbacks like centralisation, elasticity, the ease with which it can be issued to name a few.

Need for Crypto

Now, this is where cryptocurrency comes into play. It is a virtual form of currency that uses blockchain technology. Blockchain technology is a virtual decentralised ledger that keeps a record of transactions. Cryptocurrency is secured by cryptography which is a secure communication technique.

Now, keep in mind that it does not physically exist, one can’t hold up a bitcoin because it is based on a network distributed across computers. So you don’t have to carry it around, kind of like net banking or online transactions but online transactions are made through banks and can be monitored by any authority. Now, imagine you want to transfer your friends 5 bitcoins. You can do it without a bank or an intermediary interfering. It can be done anonymously with your privacy being protected. And since no authority controls it, that currency cannot be altered either. 

With paper currency, the government can print as much money as they want because they control it and printing a lot of money causes inflation but that is not the case with cryptocurrency because  only a limited number exists. 

For example, only 21 million bitcoins exist on the web. Bitcoin is a form of cryptocurrency created allegedly by a Japanese fellow Satoshi Nakamoto. Now , this could be a pseudonym or perhaps more than one person was involved in the development of said currency. However, for the most part that person’s identity still remains anonymous.  

Now,  this number of 21 million cannot be changed, it is constant. There will always exist 21 million bitcoins and can be found out through miing. This is done by solving puzzles. The more puzzles you solve, the more bitcoin you get. As more and more bitcoins are mined, the puzzles get tougher. These bitcoins are not easy to find and it is definitely not easy to solve the puzzles. Perhaps, that is why Bitcoin is so valuable. 

It is possible that somewhere in the not so far future we would not be using paper currency but crypto. For now, cryptocurrency is highly volatile and is used only for investing money.