The Federal Reserve could issue its own digital currency, as some global central banks are exploring. Large companies such as Amazon, Walmart and Starbucks might issue digital coins that inspire trust and gain wide acceptance. Retail giants, by accepting payments in the currency, could elevate Bitcoin, Ethereum or another cryptocurrency above the others vying to offer safety, soundness and utility. Finally, if  trust is lost in government-backed, or fiat, currencies, a cryptocurrency future could come about by default. That may be a risk not only in places like Venezuela, but in the U.S., where federal deficits are spiraling.

It isn’t a secret that Reserve Bank of India (RBI) has never been a big fan of Cryptocurrencies. In the past, the central bank has given fair warnings against investing in the likes of Bitcoin due to its high volatility and speculative nature.
Even then though, the number of crypto-investors continued growing in the country.
However, the latest RBI announcement on Bitcoin can be a
major blow for the entire community in India.