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Binance APAC Leo Foong says, Regulatory framework and education, the key to open the lock for crypto in India!

 

Crypto’s history in India.

Crypto's History in India

Picture Credits: Outlook India

Since the emergence of Cryptocurrency in the world, the trending topic in the financial sector that has consistently been under scrutiny is cryptocurrency. In 2010, cryptocurrency was first time used as a medium to buy pizzas. Since that incident cryptocurrency started getting more and more popular as the days have passed by. In India, in 2013, RBI issued its first circular regarding cryptocurrencies. Few startups which called themselves as crypto exchanges such as Zebpay, Pocket bits, etc started multiplying, RBI issued a circular, warning the users of the potential financial risks and liabilities that cryptocurrency brings with it. In 2016, the government went on with a widely debated step of demonetization. Once demonetization was implemented, the citizens only had digital currencies and digital payment options to pay and buy life necessities. This period provided an unintended boost to cryptocurrency in India. But, in 2018, RBI went on to ban the use of cryptocurrencies in India.

 

Binance’s role in bringing crypto back to India.

Being one of the most prevalent crypto exchanges in the world, Binance recognizes the untapped market which is prevalent in India for crypto. Binance also knows that, since the populations is majorly filled with youth, the concept of tech-savvy cryptocurrency will be widely accepted.  But, Binance also believes that education about cryptocurrency to the people of India will make the entry of crypto easier and more sustainable.

Leon Foong’s words.

Leon Foong who happens to be the APAC at Binance commented on the India’s chance to grab the opportunities available in crypto. He said that, as and when crypto becomes an interior part of Indian Industry, the web3 industry will start producing a large number of jobs and economic benefits which will have a direct impact on the GDP of the country. The impact of crypto on GDP will be positive and sustainable. But he also adds on that, before exposing crypto to Indians, a strong education and a strong framework is essential to avoid the collapse of the market before it sets its foothold in the country.

 

Binance’s steps in encouraging Crypto in India

Binance has announced several educational initiatives for teaching the investors in India about crypto currency and the dos and the don’ts of the market. Through three key initiatives, Binance envisions to provide quality education on blockchain and crypto in India.

The three key initiatives that look to bring crypto into the market are:

  1. Learn and Earn Program on Binance Academy.
  2. Binance Campus Builders program associated with Inter Institutional Inclusive Innovation Centre to initiate the idea of blockchain.
  3. Binance partnership with IIT Delhi as a title sponsor for its cultural fest Rendezvous

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