With a jump in trading volumes and greater use of cryptocurrencies, the cryptocurrency sector in India has seen substantial growth and interest. The regulatory environment is still unclear, though, since the Indian government is examining a number of different strategies to control and monitor the sector.
While speaking at 3rd edition of BW Businessworld Festival of Fintech 2023 on Thursday, Sathvik Vishwanath, Co-founder and CEO of Unocoi, said, “The crypto market is generally related to the price of different cryptos. But it is more about what the cryptocurrency brings on the table.”
He mentioned that cryptocurrency is just like another asset class that is similar to stock market volatility which the users need to understand to be a smart investor.
On similar lines, Vikram Nikkam, Founder and CEO of InstaCrypto said that most cryptos are an asset in themselves and the future of it is ‘Bitcoin Cash’.
Nikkam stressed that Bitcoin Cash works the way Unified Payments Interface (UPI) acts in India. But since UPI is just restricted to our nation, Bitcoin Cash is something that will communicate money abroad, Nikkam emphasised.
Furthermore, Medha B Dey Roy, Head – Brand Comms, KuCoin, India underlined that cryptocurrency is not meant to replace the rupee or traditional payment practices. She shared, it is a concept that showcases the evolution of money over the years, diversifying the investment portfolio.
Talking about the flickering surrounding cryptocurrency Edul Patel, CEO and Co-founder, Mudrex stated that considering the regulatory side of the crypto market, uncertainties are very common. But as the market is progressing more stability is achieved.
Adding on to the unstable crypto market Vishwanath mentioned that there is no doubt that the digital currency is unpredictable and not completely safe. But over the years it has achieved a system that has set a clear disclaimer, developed an authority to report fraud and 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 tokenisation in crypto, he said it’s basically a kind of blockchain users choose from the available option.
Roy elaborated that blockchain will help in smooth crypto transactions if the masses adopt it through centralised exchanges. She said there are different kinds of investors and centralisation can boost their digital currency investment.
However, since the government has voiced worries about the potential risks of cryptocurrencies and is considering enacting severe 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 favourable crypto ecosystem.
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