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Although trading volumes among cryptocurrency exchanges have dropped during the current market downturn, this is not a cause for concern, digital asset platforms in India are saying.
As reported in Business Insider India, exchanges are strengthening their infrastructure for when the next big boom in crypto comes around, which could be anytime soon.
According to Ashish Singhal, Chief Executive Officer of CoinSwitch Kuber there lies opportunity in the calm waters:
“The bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class.”
Other Indian crypto exchanges, including CoinDCX and WazirX echo similar sentiment.
India is currently in some kind of limbo when it comes to the crypto space. The past months there has been a lot flip-flopping by its government on their stance towards digital assets.
There was positive news though when last month the Reserve Bank of India (RBI) removed some of the uncertainty regarding the regulatory nature of cryptocurrencies in the country. India’s central bank sent out a tweet saying that no bank in India should stop its customers from dealing in crypto assets citing an old 2018 circular that was successfully overturned by the Supreme Court of India in March 2020.
Customer Due Diligence for transactions in Virtual Currencies (VC)https://t.co/iAUAx8KpRh
— ReserveBankOfIndia (@RBI) May 31, 2021
Commenting on regulations, Sumit Gupta, Chief Executive Officer of CoinDCX said:
“Of course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country.”
To top some of the uncertainties, there has been some crypto-unfavorable news as of late, including China’s crackdown on crypto and renewed energy concerns on mining activities.
With a population of 1.39 billion that is predominantly young and tech savy, the potential for India is staggering. And despite an ambiguous or somewhat negative stance on crypto by the government, its popularity is unrivaled, and the market continues to grow. India ranks 11th in the world in terms of cryptocurrency adoption, as was revealed last week.
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Author: Peter Siu