Has The Cryptocurrency Bubble Burst In India?

In 2013, Bitcoin came to India and raised quite a storm in the Indian economy. Immediately after its incorporation, the market witnessed an influx of Indians from many corners of society. In its early stages, cryptocurrency was very much a hit among the people of India. However, with time, the picture has drastically changed, culminating in the alleged bubble burst in 2018.

In this paper, let us explore the milestones in the Indian journey of the cryptocurrency. In doing so, we would also explore the validity of the title’s claim. So, first thing first, let’s take a brief look at the initial days of the cryptocurrency in India. The advent of cryptocurrency in India gives rise to a lot of mixed responses from Indian society.

On the one hand, the numerous upcoming start-ups saw cryptocurrencies as a boon and so did many other technology firms. Moreover, since more than 21% of Indians don’t have bank accounts, many preferred cryptocurrencies for making money transfers. This was heightened even further with the sudden demonetization undertaken by the Indian government in 2016. In fact, cryptocurrency’s first three-four years in India could well be seen as their golden years in this economy.

However, on the other hand, many were not very enthusiastic about this new development. Such apathy towards this new technology was quite significant as it was shared by the Reserve Bank of India. After initially supporting the cryptocurrency and the technology behind it, the Indian government eventually took a U-turn in this matter. Cryptocurrency’s falling out of the government’s favor culminated in their ban by the RBI in 2018.

From Boom to Ban – What happened in between?

As I’ve already mentioned, cryptocurrency made a great start in India and, for the first few years, transactions were peaking. Consequently, the crypto economy thrived during its early days in India, until the scenario started changing in 2017.

The demise began when the word came out that stricter regulations would be imposed on the usage of the cryptocurrencies. As a matter of fact, such news induced much panic among the users. Consequently, the demand was waning steadily and this resulted in a drastic fall in the prices.

In a matter of days, the value of Bitcoin went from a staggering $10,000 to a mere $6500-$6700. In this context, it is worthwhile to mention that Bitcoin was the most popular and valuable of all cryptos. As a matter of fact, it was also the most hyped.

Despite the popularity gained by cryptocurrencies, especially Bitcoin, its opponents indeed have genuine reasons to rally against it. The problems related to the use of these virtual assets are manifold, particularly in the Indian context.

The Problems with the Cryptos

For one thing, investing in cryptos is nothing but speculative betting because of which made the investors prone to financial loss. From the very beginning, RBI had been quite anxious about this fallacy and had repeatedly warned the investors. Yet, the hype-driven players of the market didn’t seem to pay any attention to the warnings.

Now, volatility of the cryptocurrencies is indeed a problem and a major cause for its failure. Yet, there are more essential and more serious reasons behind the government’s fall off with the cryptos. These fundamental issues emanate from the technology which runs the cryptocurrency or the blockchain. Basically, the primary problem with these cryptocurrencies is their anonymity.

Owing to such anonymity, the cryptos are simply perfect for any kind of illicit or illegal transactions. If allowed for popular usage, the cryptocurrency could well become a boon for many different kinds of fraudsters. Moreover, being a form of asset owned by private corporations, cryptos are not universal tenders like the Rupee or Dollar.

What’s Next?

So, now that the RBI as rendered cryptocurrencies as illegal in India, concerns have been raised regarding its future. According to the opponents, one internal problem in the cryptocurrency industry is the massive competition. As a result of this, these companies mostly cancel each other out and gain only by hype.

In all, if the cryptocurrency has to ever succeed, there has to be a more regulated economic environment to protect the investors. Most importantly, there have to be laws to adequately regulate and monitor these transactions.


Artificial Intelligence (AI) & Banking – The Inseparable Integration

Most of us, if not all, know that banking refers to the entire range of varied activities related to banks. At the same time, Artificial Intelligence or AI is the present obsession with computer science. Basically, it’s a branch of computer sciences, dealing with the development and production of intelligent or smart machines.

In recent times, AI has been a boon for every major industry ranging from mining to the service industry. In this article, let us explore the ways in which artificial intelligence has transformed the financial sector from within.

How Artificial Intelligence (AI) & Banking are related?

With the increase in AI’s popularity, both the public and the private sector have invested a lot in this field. As a matter of fact, the banking sector hasn’t been excluded from this drive for providing AI-based services.

According to reports, AI is expected to boost banking sector revenues by more than 30% by 2022. Presently, most of the top bosses in the financial sector consider AI as a tool for achieving competitive advantages. As of now, more than half the banking sector has already invested in AI. The remaining is expected to do the same by 2020.

In fact, the banking sector was probably the first service sector industry which started making regular use of AI. However, the use of AI in banking had hitherto been limited only to a few special areas.

Now, with the boom in the AI technology, the financial sector is making a much-varied use of the AI. This rise in the use of AI is also, obviously, related to the increase in investments by the financial sector.

One way or the other, AI has revolutionized banking (both for customers and the authorities) in many, previously unthinkable, ways.

How can Artificial Intelligence (AI) Influence the Banking Services?

As I have already mentioned, AI has transformed the banking system in a multitude of ways. In this section, let us explore some of the most significant ways in which AI has made banking better.

1. Customer Service Automation

Sometimes or the other, we have all spoken with a robot over the telephone. This is a classic instance of the implementation of AI to provided automated customer services. With the development of AI, automated voice and chatbots have taken a lot of weight off the human shoulders.

For the banks, the use of AI has resulted in a significant reduction in production costs, as well as, the overhead charges. Owing to AI, the banking sector is expected to save $450 billion by 2030.

However, such a saving comes at the price of 1.2 million workers, who are most likely to lose their jobs to robots. In this context, please note that the AI system functions optimally only when it’s used to complement humane activities.

2. Personalization

Without the help of AI, banks are incapable of using the customer data available with them to provide personalized services. Making a customer’s profile which could then be used to provide services involves tremendous amounts of the data analysis.

Provided the steady growth in customer on boarding, it is rather impossible for any human to take care of these. Herein comes the Artificial Intelligence (AI) to the rescue.

Artificial Intelligence (AI), especially machine learning, is fully capable of accessing information from multiple databases and thereby analyzing the same. Thus, AI has allowed banks to create nuanced customer profiles, which do wonders in terms of personalization of services.

3. Security

When it comes to money and banking, personalization is not enough. Customers need to know that their money is safe. Consequently, security is a major concern for the banking industry.

In this regard, the advent of AI technologies like biometrics has taken customer authentication to a whole new level. Working alongside passwords and signatures, biometrics has strengthened the process of identification.

In recent times, there have also been developments in the field of AI-based facial recognition. In time, this is also expected to be used in the banking sector.

4. Process optimization

In terms of the internal functioning of banks, the implementation of AI allows the optimization of high-volume, low-value processes. These processes involve internal IT requests or even the procedure for changing employee passwords and so on.

All of these processes can be effectively handled by bots, resulting in a huge cost cut for the organizations.

5. Prevention of fraud

The ability to prevent cybercrimes is probably one the best things that AI can do for the banking sector. In order to recognize the patterns of the fraud processes, a huge amount of data has to be analyzed. This is done with the help of AI, resulting in an efficiency which cannot be attained by humans.


Artificial Intelligence (AI) is a boon that the banking sector is already embracing. As of now, Artificial Intelligence is only in its nascent stage. By the time it evolves, it is expected to make banking all the easier and advanced.


Blockchain: A Game Changer for Telecom Industry

In the present era, Telecom Industry has become the most complex operational framework engaging different forms of vendors, partners, distributors, network providers, VAS providers, clients, and customers. On the contrary, it is also true that there is a pool of challenges and issues because of the engagement of multiple entities.

So, the bliss of the technology i.e. Blockchain has cured and solved the issues of the banking and telecom industry. Hence, enlighten the below-listed pointers reflecting the same.

  • Internal processes:

When it comes to the occupations like BSS processes (Business Support System) and OSS (Operation Support System) then the number portability databases and billing can be easily be streamlined making use of the blockchain. Thus, all the interest groups could validate the billing hassle-free via intercompany blockchain distributed amid customers, VPMN, VAS providers, HPMN and telecom companies as well. Additionally, a migrating customer can also on-board over the network after receiving a porting request, especially if a receiving operator shares the blockchain to the customer’s operator.

  • Roaming:

The blessing of the invention is that it could easily solve the operator’s older problems in integrating with a high-cost system aiming in rendering an access to the authentication settings. This access is responsible for enabling the roaming call across operators and networks. Moreover, blockchain also helps in enabling the complex datasets across different parties in the shortest duration abreast with trust and security.

  • Smart connection

The gadget’s connection can be served to a pool of the WIFIs and local hotspots depending on the adherence and permission to some terms and conditions. Moreover, automatic generation for payments and billing could also be assisted at an ease.

  • Smart transactions:

Buying and selling of digital assets specifically games, gift cards etc. have become exceptionally easier.

  • Mobile money:

A pocket-friendly international remittance worldwide abreast with a minimal transaction cost has become easy to use via which the telecom operators have also become the global remittance providers.

  • Identity management:

An identity’s management development tools have now become easily accessible to varied companies, gadgets and applications as well.

  • Way Forward:

Blockchain solutions being instrumental have also allowed the interoperability amidst the internal and external systems, especially for varied telecom companies. This practice has fore fronted the cost of compliance and infrastructure as well. Moreover, it also supports the operators from fraud identify and roaming.

No doubt, today, the telecom industry is facing a lot of challenges of eroding margins. Owing to such an issue, there is always a high pressure in cost-cutting practices simultaneously the same time in adopting the innovation in such service. Thus, blockchain is considered as the correct tool in bringing the innovation and efficiency in the services for which it also acts as a watchdog on fraud and malpractices.


The above-listed pointers are powerful in demonstrating the varied ways that the telecom industries can invest in an implementation as well as the development of the goods and services depending on the blockchain technology.


How RegTech Solutions Can Transform the Way We Do business?

RegTech, also called as Regulatory Technology is a recent technology in the financial services field. This technology makes the use of IT for enhancing regulatory procedures. RegTech puts a certain amount of significance on regulatory monitoring, compliance, and reporting. So, this way, it benefits the financial industry. The intention of RegTech is enhancing consistency as well as transparency.

Also, it systemizes the regulatory procedures for delivering robust explanations of equivocal regulations. As a result of these actions, it can deliver greater quality levels economical costs. Most of the time, RegTech companies make use of the cloud through SaaS.

What is the Importance of RegTech?

The relationship between technology and complaints is not a new aspect. However, it has become very important due to the great number of regulatory changes that have been rising along with a bigger focus on reporting and data. A report stated that the financial institutions in the USA are spending over 17 billion dollars every year on compliance.

Also, the market for compliance in regulatory software is predicted to trust out to 118 billion USD in 2020. Some key benefits of RegTech are:

  • Minimalists compliance cost
  • Increased growth opportunities and flexibility as a result of RegTech’s efficiency
  • Seamless linking of control and risk frameworks

Top 5 Ways RegTech will Impact the Businesses:

Identity Management

RegTech powered identity management software can be used in order to process the KYC (Know Your Customer). With the integration of data analytics, AI (Artificial Intelligence) and Cloud storage, you can get the data from different sources. This RegTech powered digitalization to KYC process will help to:

  • Detect the ID fraud or data error, and
  • Reduce the cost of operation.

Network Analytics:

It makes use of data for learning more about our customers along with their connections. Nowadays, most of the regulatory issues tend to emerge from behaviors or transactions that prevail undiscovered by risk & control frameworks that are into existence.

Also, network Analytics lets banks for building customer profiles emphasizing risk potential, lifestyle, buying habits, and social liaisons.

Pattern Recognition:

It needs utilizing natural-language management abilities in conjunction with data fetched from facial-recognition and biometric data. It also requires other data like information generated from electronic communications, social media and voice data.

With this information, RegTech can detect the risks that can’t be discovered by having insights on one source of data. What does RegTech require to build a reliable patterns recognition solution? The answer is Data grouping, deployment of real-time, powerful analytics engine, and huge storage space.

Hence, when a solution is built using the above requirements, then hidden risks can be successfully identified. This technology can be used on numerous regulations on market conduct, financial crime, and money laundering, as these regulations need proactive observation.

Machine-Learning and Artificial Intelligence (AI):

Machine-learning & Artificial Intelligence (AI) can help in performing regulatory compliance tasks that include scanning for revised or new regulations and risk reporting. These two factors will share the impact of these changes with stakeholders.

Artificial Intelligence algorithms can be automated to perform such functions, with apt review important decision factors by compliance-process owners.

Virtual-Assistance Robots:

These can accelerate and automate residual risk reduction, risk-identification, and controls monitoring. This is done by making use of systemized, pre-defined, risk management procedures. When the risk-management process is automated, it becomes very easy to handle various regulations across different jurisdictions, which cater to risk profiles alike.

For instance, we can take the MiFID II AND Dodd-Frank Act in Europe and the US respectively. The primary objective of these regulations is covering consumer protection. And that, virtual assistants, can be used for reporting outcomes and monitoring controls against these regulations simultaneously.

By simplifying the regulation & compliance procedures, a lot of companies will start digitizing systems and processes and embracing financial technologies. Hence, this will, in turn, benefit both companies and its clients in the long run.

How Does Blockchain Impact RegTech?

Blockchain, the software of virtual currencies on cryptocurrencies has a major impact on RegTech. A lot of banks are exploring blockchain and crypto initiatives for startups, technology partners, and innovators. The blockchain technology promises to reshape RegTech.

1. Process Digitization

Using the blockchain technology in diverse RegTech-related processes can minimize the dependency on PPS, for back office as well as mid office personnel and departments. By replacing such old-fashioned procedures with digital, verifiable workflows, compliance and regulatory practices would endure a bigger change.

By linking cloud hosting and blockchain technology, funds will start down the track of getting rid of PPS as well as other out-dated processes.

2. Enhanced Security

Since Blockchain is widespread and secure, documents, data, and regulatory processes can be accessed by various people and departments. This paves way for interoperability with no security agitations of other Software-as-a-Service solutions.

Also, documents that need approval by fund and legal administrators can be passed among various departments pretty easily.

3. Internal and External Management

On top of everything, Blockchain guarantees better communication for fund administrators along with limited partners, and facilitation of internal management. Also, this applies to managers of venture capital funds, hedge funds, and private equity firms.

Fund managers can use the Blockchain technology to better transfer funds, communicate, and collaborate with external stakeholders or limited partners. Using Blockchain at funds will be helpful in terms of tracking compensation and performance reviews on a quantitative basis. With so many advantages of Blockchain, it is no wonder that major funds and big banks are utilizing the opportunities.

4. Document Tracking

As documents, processes, and paper are moved to the blockchain, funds can retrieve, track and store key information at a greater level. This can be very useful when it comes to private equity and hedge funds. These are funds where transaction and deal data flows back and forth consistently.


In the days to come, we may see a Blockchain-based RegTech leveraging real-time data. This technology can transform the compliance and regulatory processes by incorporating analytics and algorithms. This can include new procedures for streamlining customer due diligence and anti-money laundering. Hence, leveraging machine-learning and Artificial Intelligence, most of this dimension can be automated.

How you can earn incentives with your own digital identity?

These days, the concept of digital identity is not new on unintroduced. Similarly, Bitcoin established itself via a concept of decentralized digital identity, years ago. Actually, a crucial breakthrough has been taken place by Blockchain technology which is propelling digital identity ahead in the scenario of Self Sovereign Identity that reshapes the decentralized P2P economy’s future.

The emergence of Digital Identity:

  • It’s a storm for the stakeholders who strive their best for it to takes place
  • Increases organization’s efficiency in getting the identity’s assurance
  • Prevention of data breaches abreast with weekly headline news
  • Allows people to decide the data’s distribution

The best part is that people receive all the advantages without relying on the third parties such as Facebook or Google to share and store their data. Moreover, people will be also having their digital identity via fingertips or exactly how they wish?

But a question still arises that what exactly the identity is?

In the industrial era specifically in a digital context it’s a representation of real human relationships but not by social connections. When one thinks in terms of society and decentralized economy things begin in an exciting manner. Moreover, when people become owners of their own data, facts & information then, truly it can be a catalyst to the business’s new sets new ways of interaction.

Why is Digital Identity important?

The challenges of the new digital identity model will only be solved by risk and reputation. Risk will be directly managed by sharing information allowing applying an intelligence layer to the same. On the contrary, when it comes to Reputation, it can also allow the creation of decentralized models in order to establish and generate trust in the economy.

No doubt, the future of digital identity will automatically be a return to the identity as defined by the trust’s web that links all the individuals. Henceforth, in order to comprehend where exactly you are, you prior need to comprehend from where are you coming?

Moreover, it is also true that the society is getting attracted towards the cashless atmosphere via which the initial awe has given a path to the flurry of concerns. To earn incentives going cashless is also one of the best ways.

Advantages of earning incentives while going cashless:

  • Convenience
  • Tracking Spends
  • Discounts
  • Discipline Budget
  • Major Gains
  • Lower Risk

Disadvantages of earning incentives while going cashless:

  • High risk is associated with identity tracks
  • The difficulty for tech-un savvy
  • Losing Phone
  • Overspending

Thus, it is true that there are always some pros and cons associated with something but alas!!! Everything is used accordingly while keeping concerns of all such associated factors in mind.

The same concern is also applicable in earning incentives while going digital or holding digital identity. It all depends on a user that how he makes use of it and in what ways and sense.