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The world is adapting to cryptos

Just like Uber and Amazon, Cryptos will create a decentralised way of delivering services that will get developed around it, says expert.

To ban or not to ban. The future of cryptocurrencies hangs in balance as the Indian government considers law to ban them. The debate is raging if cryptocurrencies like Bitcoins hold any real value or their prices just move on speculations. If crypto advocators are to be believed the concept of cryptocurrencies is no different from how Uber, Amazon operate. They say a crypto-linked economy can create a low-cost model in which you can deliver services globally at a larger scale.

“Take any of our centralised services that have global presence such as Uber or Amazon. These are potentially middlemen. Cryptos are no different. They will create a decentralised way of delivering the services that will get developed around it. It’s a long-term view, but we are moving towards it. Cryptocurrencies are like decentralised Amazon and Uber services,” says Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno in Singapore. The exchange, whose India launch got delayed due to the government’s hard stance on crypto, operates in countries like Indonesia and Malaysia.

In fact, in big countries like Europe, the US and Japan, one can avail services with one’s Bitcoins. “In some countries like US, UK, Australia and Japan, you can pay for a meal with bitcoins and it’s totally legal. We have customers in Australia that use our app to pay for goods and services,” says Rahul Pagidipati, CEO, ZebPay..