The positive implications of cryptocurrencies in India include financial inclusion, investment opportunities, technology innovation, and potential economic growth.
With a jump in trading volumes and increased use of cryptocurrencies, the cryptocurrency sector in India has seen substantial growth and interest. However, the regulatory environment is still unclear as the Indian government is examining a number of different strategies to control and monitor the sector.
While speaking at the third edition of the BW Businessworld Festival of Fintech 2023 on Thursday, Sathvik Vishwanath, Co-Founder and CEO of Unocoi, said: โThe cryptocurrency market is generally related to the price of different cryptocurrencies. But it's more about what cryptocurrency brings to the table."
He mentioned that cryptocurrency is like another asset class similar to stock market volatility that users need to understand in order to be a smart investor.
Similarly, Vikram Nikkam, founder and CEO of InstaCrypto, said that most cryptocurrencies are an asset in themselves and their future is 'Bitcoin Cash'.
Nikkam emphasized that Bitcoin Cash works in the same way that the Unified Payments Interface (UPI) works in India. But since UPI is only restricted to our country, Bitcoin Cash is something that will sell money abroad, Nikkam emphasized.
Additionally, Medha B Dey Roy, Head - Brand Comms, KuCoin, India, stressed that the cryptocurrency is not meant to replace the rupee or traditional payment practices. He shared, it is a concept that shows the evolution of money over the years, diversifying the investment portfolio.
Speaking about the flicker surrounding cryptocurrency, Edul Patel, CEO and co-founder, Mudrex stated that considering the regulatory side of the crypto market, uncertainties are all too common. But as the market progresses, more stability is achieved.
Adding to the unstable crypto market, Vishwanath mentioned that there is no doubt that digital currency is unpredictable and not completely secure. But over the years he has come up with a system that has established a clear disclaimer, has developed a fraud reporting authority, and has also introduced the TDS and taxes. This marks a significant improvement in crypto transactions, the Unocoin co-founder added.
Nikkam further explained the concept of tokenization in crypto, saying that it is basically a type of blockchain that users choose from the available options.
Roy explained that blockchain will help make crypto transactions smooth if the masses adopt it through centralized exchanges. He said that there are different types of investors and that centralization can boost your investment in digital currency.
However, as the government has raised concerns about the potential risks of cryptocurrencies and is considering enacting strict regulations, the future of cryptocurrencies in India is unknown. However, Indian investors are becoming increasingly interested in and adopting cryptocurrencies, which may eventually result in a more favorable crypto ecosystem.
