India Is One of The Top Crypto Adopters, Alarm Government to Expedite Regulations  
Trends MilkywayBlogs 05-Sep-2022 Comments (0) 4

India Is One of The Top Crypto Adopters, Alarm Government to Expedite Regulations  

According to the report by UNCTAD or United Nations Trade and Development, every 14th Indian has invested in a new age asset despite the pandemic due to covid-19. 

The report highlighted the adoption of cryptocurrency that had increased exponentially during the pandemic globally. Especially in the emerging Indian economy, said Mohammed Roshan, Co-founder, and CEO of GoSats. 

“This report mentions remittances and facts that cryptocurrency was perceived as the right way to protect savings that is the main cause for the rise in emerging economies adoption,” said Roshan. 

India was ranked 6th in the adoption of crypto. Only 2 developed nations were mainly featured in the top ten. And, Singapore at 4th and the US at the 6th spot. 

Vikram Subburaj is the CEO of Giottus Crypto Platform who said that the high level of crypto adoption has benefited a lot of investors. He also suggested that assets may head and grow towards maturity in upcoming years. 

The crypto bull attracted a lot of institutional and retail investors to take a high dip into the crypto asset’s lucrative world, driving the growth of investments in crypto across India along with seasoned investors, as per experts. 

Additionally, the increase in the adoption of crypto assets may increase  

red flags for the government, that is in deliberations and discussions for the regulatory framework of private crypto assets across the country. 

The crypto regulation should straddle challenges regarding technology and, with boundless operational challenges, as per the view of Subburaj from Giottus. “However, cryptocurrency now remains an individual, private risk, or entity,” he said. 

Roshan from GoSats also added, that the government is aware of the increase in crypto adoptions and thus, the Bill is on cards. He also added that the crypto industry is at its nascent stage and the center should understand the potential along with challenges. 

With the rise in crypto investment, market trackers said, the government should fast-track crypto Bills in order to frame regulations in the interest of all stakeholders. 

Shivam Thakral, the CEO of BuyUcoin, said that the government had its best policy for the crypto industry. “The new tax for the crypto regime has made crypto transactions traceable and transparent for the government,” he added. 

Tarusha Mittal, co-founder, and COO of UniFarm said that Web3 is the tech of the future, and India is not behind. 

“The world is moving at a fast pace as it comes to the adoption of blockchain and crypto. India should not miss the once-in-a-lifetime opportunity to become the world’s blockchain capital,” she also added. 

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