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While crypto gets mostly used for investment and trade, crypto assets, particularly Bitcoin, are being used as a new payment mechanism worldwide.
Fremont, CA: The healthcare industry has traditionally been among the first to adopt new technologies and prioritize innovation in order to improve clinical treatments. While patient care innovation remains a top goal, the industry lags in the utilization of technology-enabled technologies for daily transactions and financial procedures. However, there has been a significant surge in digital technologies and blockchain technology in the last few years to improve end-to-end healthcare procedures.
Blockchain-based crypto is no longer just a buzzword in the age of digital transformation. It is quickly becoming a valuable financial asset. Globally, India ranks second in crypto acceptance, with the number of crypto users in the country steadily increasing. While crypto gets mostly used for investment and trade, crypto assets, particularly Bitcoin, are being used as a new payment mechanism worldwide.
Cryptocurrency is emerging as a new payment system.
Crypto payments for products and services have grown in popularity in recent years. It is quickly becoming a popular modern payment option around the world. Unlike traditional payment methods, crypto payments enable 24-hour access and border instant transactions. As a result, it has piqued the curiosity of the financial services industry. Indeed, major corporations such as
Starbucks, PayPal, Microsoft, and Burger King, to mention a few, have begun taking cryptocurrency payments in various parts of the world.
Despite the fast adoption of Bitcoin payments by numerous international organizations, some industries, particularly healthcare, remain skeptical. That's also due to the financial uncertainty around crypto-assets. Furthermore, cryptocurrency as a new payment option declined in India last year.
The present scenario of crypto-related regulatory arbitrage
Because of Bitcoin's increasing popularity, over 18k new crypto assets have got created. However, it has got debated whether it should be categorized as an asset, equity, or commodity since its entrance into the financial markets. While US regulators have labeled crypto assets like Bitcoin as commodities, their legal status in India remains unclear. Last year, practically all crypto payments stopped after United Payments Interface, a central bank's corporate system, stated that it was unaware of cryptocurrency getting used for peer-to-peer, inter-bank, and person-to-merchant transactions. It proved to be a significant setback for the companies that accept cryptocurrency payments.
Furthermore, given its lack of legal standing, the RBI has highlighted its concerns regarding cryptocurrency over the years. On the other side, the government has often hinted at classifying cryptocurrency. Indeed, the Finance Minister announced that the government intended to tax cryptocurrency transactions. However, there is still mystery surrounding crypto payments in the lack of defined legislation.