This article is based upon “Catching the New Tech Wave” which was published in the Indian Express on 31/05/2021. It talks about the increasing significance of Cryptocurrencies across the world and why India needs to accept it in order to go hand in hand with the world in the upcoming phase of digital revolution. With the creation of Bitcoin in 2008 till present date, cryptocurrencies have gained much significance all around the world. The gains made by this sector since the onset of Covid-19 pandemic in January 2020 are astounding; the “cryptomarket” grew by over 500%. However, in the 2018-19 budget speech, the Finance Minister announced that the government does not consider cryptocurrencies as legal tender. Considering the fact India was a late adopter in all the previous phases of the digital revolution – when semiconductors, the internet and smartphones made their mark, there is a need for a change in the thoughts and acceptance for these virtual currencies as they mark India’s first step towards entering the new phase of digital revolution. Cryptocurrencies Rise of Cryptocurrencies: The pioneer cryptocurrency, Bitcoin, was traded at just $0.0008 in 2010 and commanded a market price of about $65,000 in April 2021. o Many newer coins have also been introduced since Bitcoin’s launch and their cumulative market value touched $2.5 trillion by May 2021. Significance of Cryptocurrencies: o Corruption Check: As blocks run on a peer-to-peer network, it helps keep corruption in check by tracking the flow of funds and transactions. o Time Effective: Cryptocurrencies can help save money and substantial time for the remitter and the receiver, as it is conducted entirely on the Internet, runs on a mechanism that involves very less transaction fees and is almost instantaneous. o Cost Effective: Intermediaries such as banks, credit card and payment gateways draw almost 3% from the total global economic output of over $100 trillion, as fees for their services. • Integrating blockchain into these sectors could result in hundreds of billions of dollars in savings. Cryptocurrencies in India: In 2018, The RBI issued a circular preventing all banks from dealing in cryptocurrencies. This circular was declared unconstitutional by the Supreme Court in May 2020. o Recently, the government has announced to introduce a bill; Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to create a sovereign digital currency and simultaneously ban all private cryptocurrencies. o In India, the funds that have gone into the Indian blockchain start-ups account for less than 0.2% of the amount raised by the sector globally. • The current approach towards cryptocurrencies makes it near-impossible for blockchain entrepreneurs and investors to acquire much economic benefit.