India is now a vibrant cryptocurrency hub, but its future remains uncertain. Sathvik Viswanath of Unocoin explains what's holding back the nation of 1.3 billion.
Two years ago in April 2018, the dream of having one of the largest populations in the world become avid adopters of cryptocurrency ground to a halt. The Reserve Bank of India (RBI) issued a circular preventing banks from providing formal financial services to Indian cryptocurrency businesses and the nation’s 1 million crypto users were left stranded, not knowing how much to bank on digital assets for their wealth and means of paying for things.
Sathvik Viswanath, Unocoin
To think that RBI’s crypto-banking ban would be overturned may have been far-fetched for some, yet a historic decision by the Supreme Court in March 2020 proved a dramatic comeback for India’s cryptocurrency industry. With the tested resilience of the industry and the unprecedented Covid-19 pandemic bringing the world’s confidence in traditional markets into question, 2020 has worked out to be the best year yet for crypto in India.
Today, India is increasingly recognized as a bustling cryptocurrency hub worth the attention of both traders and venture capitalists looking to cash in on the opportunity. With record trading volumes and customer growth rates across exchanges, new exchanges entering the industry, and an influx of foreign investments into the burgeoning sector, there are signs that things are back on track to achieve mainstream adoption.
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https://forkast.news/india-cryptocurrencies-regulations-kyc-aml-transactions-reserve-bank-india/ Co founder and CEO of Unocoin exchange commented about the importance of crypto regulations in India on this article.
So as community members make some time to read about the crypto related happenings in our country and also share if you found anything new.
