As we know by now, India is unaware of where it will be in a few years when it comes to cryptocurrency. However, it looks like many regulators are now potentially looking to oversee crypto activity within the country rather than outright ban it like everyone has feared over the past several months.
India Can’t Decide Where to Go with Crypto
India is presently setting up a panel of crypto experts who will discuss the regulation of crypto in the region. Artur Schaback – co-founder and chief operating officer of P2P bitcoin trading platform Paxful – says that this is something people need to be hopeful about. It means that those in charge are looking to implement a future that permits crypto to hang around.
In a recent interview, he discusses what a lot of crypto fans need to examine and devote their attention to in the coming weeks and months:
What is most valuable is that cryptocurrency is a strong financial solution and can be used for things such as payments and e-commerce, wealth preservation, and investing. Also, by leveraging cryptocurrency within a peer-to-peer marketplace, consumers have access to practically any financial network in the world and are better enabled to gain financial freedom.
The entire bitcoin space is designed to be decentralized, meaning there are no banks or financial institutions in charge of how people’s monetary futures play out. He says that this is the main reason why crypto activity continues to grow in regions such as India, despite the constant threats and risks that come with delving into digital assets.
Demand for cryptocurrency in India is rising. According to a recent IndiaTech.org report, Indian users currently hold cryptocurrency assets worth more than $1.5 billion and their daily trades in cryptocurrency are worth $350-500 million. I expect that interest and the use of cryptocurrency will only continue to grow – especially as the technology becomes more accessible to users and education around cryptocurrency becomes more prolific.
It’s Important to Make Room for Digital Assets
He states that support for crypto in India is necessary if the country is going to remain competitive. Otherwise, it risks falling behind its neighbors and many other countries that are paving the way for this new asset class. He comments:
We see the needs as urgent because education around cryptocurrency is vital. This move would help provide a fresh perspective and amplify understanding of the technology… Currently, India is within Paxful’s top five countries by volume. We have a strong user base in India and there is still huge untapped potential. We look forward to delivering to both our new and existing users in the country.
Overall, there is a risk in India that customers may lose all their assets, though to be fair, this is a risk that virtually every crypto investor faces no matter where they are in the world given how volatile digital assets can be.