India has not been an open country when you consider the crypto revolution. Time and again the government has cited its concern regarding cryptocurrency while the banks stopped working with exchanges. Reports also suggested that the Indian government could ban crypto. But after the NPCI cleared that they are not against it, things became quite light. And now reports that the Indian government will soon release laws for crypto has made everyone optimistic about its future in India.
We could soon see India transform from a country holding back crypto innovation to a country that’s crypto-centric. And whenever this change happens it will be really fast.
Bitcoin could be added to the asset class in India
If you ask any crypto enthusiast, he/she will call Bitcoin an asset class. Many countries, banks, and firms have already added it to their list of assets. And India could be the next on the list as sources report that the government might add it to the asset class. The Securities and Exchange Board of India (SEBI) will regulate the crypto markets and will help maintain them. This is a good thing as the number of frauds, illegal activities and anything unwanted will most likely be avoided. A country with a population of over 130 crores saying Bitcoin is an asset will simply change things for it.
Foreign exchanges in India
A few days back a source from a foreign exchange said that the only reason they are not in India yet is the uncertain regulations. If there were good laws, Indians would have been spoiled by the number of options they would have got. This is because every major exchange wants to be there. Among these, the most popular names are Coinbase, Kucoin, Bitfinex. Coinbase has even officially announced that they are planning to open an office in the country.
With the entry of new exchanges, the number of users is also expected to increase. And as more people start to invest in crypto rather than keeping the money in their bank, this sector is going to take off. With that happening India will become crypto-centric.
What are your thoughts on India moving forward as a crypto-centric country? And do you think this will drive innovation and boost the Indian economy? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.