Summary
The crypto-economy has started to engage itself among the people. Everyone is simply curious and do not desire to miss this big opportunity. This pandemic has boosted the enactment of certain digital coins presenting it a sensation, as investors esteem these currencies to offer more elevated liberty. These may afford to be more economical and safer in the long run.
Founder & CEO of Cashaa, Kumar Gaurav, speaks about the crypto market and describes how untapped is the nation when it comes to cryptocurrencies. With proper crypto regulations, India can establish a crypto hub, and commence a digital era. Around 10 million investors have marked their trade on various crypto exchanging platforms resulting in a profit of $1.5 billion.
Clear visibility and increase in VC investments is sure to inspire a majority to enter the cryptocurrency market, believes Gaurav.
Detail
Bitcoin and various crypto coins enforce their claim of superiority over conventional physical currencies from time to time. The Indian administration has not yet provided a clear opinion on cryptocurrencies until the present day. Earlier, India made attempts to ban crypto coin trading. However, the government has recently taken the initiation to study the possibilities of establishing a new board to determine Cryptocurrency regulations. The interesting fact is that cryptocurrencies work in an administrative vacuum in India. Their exchange rates continue to behold a massive wave.
According to a Statista analysis article, the global user base of cryptocurrencies noticed an increase of approximately 190% from 2018 to 2020. The crypto trend in India is constantly revealing, says Gaurav. This detail has been recognised by VC investors as well. India is the second-largest bitcoin enduring company in the world making it a robust market for crypto startups. Famous international investors like Sequoia Capital, Tiger Global and Polychain Capital have invested millions of dollars in Indian crypto startups.
Henceforth, the government must understand the importance of establishing a regulatory framework as black markets thrive and negatively influence the economy. On the other hand, regulations facilitate reliable tracking and transfer of money. Considering the negative impact done to the value of blockchain technologies, we expect things to move in the precise direction.
Despite the scams prolonging with us since day one, crypto miners and cybercriminals keep changing their tactics. Hence there’s no stopping in the dynamic increase of crypto growth in both India and worldwide. The next-generation technology and innovations are sure to offer a high level of security.
At present, less than 1.3 per cent of the population in the world know about Cryptocurrency. Thus offering a great opportunity for entrepreneurs to start gripping the blockchain and crypto technology. On a recent survey, the cryptocurrency stocks volume is anticipated to increase from 1.6 billion USD in 2021 to 2.2 billion USD by 2026.
“As we slowly move towards a more effective digital world, we must ensure to embrace the finest technologies. Blockchain is the most exquisite technology in the present era. Faster implementation of this technology is sure to help us cover any spaces and guarantee a secure infrastructure.
Credit: cxotoday.com