CoinDCX

INDIA NEEDS CRYPTO !

India – A home to 7 million crypto users who are trading crores of Rupees on the Indian crypto exchanges, a land of various blockchain and crypto startups that are bringing millions of dollars of foreign investments to flourish the nation’s prosperity. India today is globally recognized as an epitome of democracy and is seen as a hub for decentralization and financial freedom.

digital currency in india

Why India Needs Crypto?

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The induction of new technology opens up the possibility of upgrading or creating an ecosystem. It provides an opportunity for new entrepreneurs, start-ups, businesses, innovations to thrive and develop.

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New products and services find a way into the system which are aimed at either enhancing customers’ expectations or developing a completely new market segment.
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Sectors such as the Internet and Telecom have all been a witness to this, where R&D is constantly happening.

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Today AI, ML, Deep learning, IoTs are key buzz words in regards to technology globally. Similarly, Blockchain and Cryptocurrency too are seeing rapid adoption globally as well as in India. In fact, during the last year and especially during the pandemic, this sector has outperformed most of the industries.

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Recruitment of a skilled workforce was among the highest in the cryptocurrency sector, in India. The Indian workforce operating in this sector is considered one of the best when stacked against the global workforce as far as fintech and emerging technologies are concerned.

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India’s startups are demonstrating their capabilities by transforming into hubs for financial innovation. These companies reiterate India’s dominance in the field of product innovation and capabilities in solving complex financial and data related issues on a global scale.

Initiatives by CoinDCX

India does not need a ban but a robust policy on crypto

Cryptos should be seen as a public good

Cryptocurrency conundrum: Is banning private players when Bitcoin is booming the way to go?

India Revival Mission: Should India ban cryptocurrencies?

What if Crypto Markets are banned in India?

A Key Source Of Employment

Crypto industry has been one of the key sources of employment for the skilled workforce in the fin-tech segment in India. It hires some of the best talents from some of the most premium institutes in technology and management here. A ban would result in job losses and a severe impact on the education sector as well. 

Loss of Job

Crypto Industry has been actively recruiting skilled professionals from the fin-tech system. A ban would not only lead to the loss of jobs but also dampen the spirits of entrepreneurs and skilled fin-tech professionals, creating an atmosphere of disillusionment.

Impairment to Global Vision

Our growth, research, and developments towards global financial innovation will be hindered by putting a wall in front of hundreds of visionaries who are working tirelessly towards global and borderless financial inclusion.

a damper to R & D

The ban will also act as a damper to the R&D work carried out by various institutions and individuals who have worked toward developing innovative global financial solutions.

Professional Migration

A vast range of entrepreneurs and professionals who are working towards India’s growth can migrate to other countries resulting in an immense loss of talent from the Nation.

Entrenched users

Today in India alone, there are over 7 million users who have over 1 billion USD invested into crypto. The ban will have a drastic effect on their investments.

THE WORLD IS WELCOMING CRYPTO!

International Monetary Fund, CoinDCX
INTERNATIONAL MONETARY FUND

“Not so long ago, some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.”

Christine Lagarde MANAGING DIRECTOR
The World Bank, CoinDCX

THE WORLD BANK

“Cryptocurrencies and blockchain protocols are
part of a tidal wave of new technologies that is changing the way production and commerce are organized.”

unicef, coinDCX

UNICEF

In October 2019, UNICEF launched the CryptoFund, a new financial vehicle allowing UNICEF to receive, hold, and disburse cryptocurrency – The CryptoFund is a pooled fund of bitcoin and ether. It is a part of UNICEF’s Innovation Fund, with the distinction that investments made denominated in crypto.

CFA Institute,CoinDCX

CFA INSTITUTE


CFA Institute will add topics on cryptocurrencies and blockchain to its Level I and II curriculums. “We saw the field advancing more quickly than other fields, and we also saw it as more durable,” said

Stephen Horan, MD.

US Securities and Exchange Commission, CoinDCX

US SEC


“We have seen historical instances where such a rush into certain investments has benefited our economy and those investors who backed the right ventures”,

Jay Clayton Chairman, SEC.

EUROPEAN CENTRAL BANK, CoinDCX

EUROPEAN CENTRAL BANK


We need better cross-border payments … because it’s good for development, it’s good for financial inclusion, so Bitcoin can help us, it can pay us a service by forcing us to upgrade our systems. That’s a positive lesson.” said

Benoit Coeure, EUROPEAN CENTRAL BANK EXECUTIVE BOARD MEMBER

What can India do?

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Instead of banning, GOI can bring the industry under regulatory and taxation framework, thus enabling it to better monitor the sector, earn revenue and help in national fin-tech industry and solution providers.

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Bitcoin and other cryptocurrencies open a tremendous investment and trading opportunity. Trading operations can be done in properly regulated and licensed exchanges, with proper KYC and data disclosure compliances fulfilling the requirements Indian government and SEBI keep before the exchanges

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Crypto organizations in India do not pose a threat to India’s monetary system. On the contrary, they create a new economy that can work in parallel with well-structured regulations.

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Develop a rule book that defines cryptocurrencies, operations, treatment (security/commodity/asset), trading, mining, taxing, crowdfunding (ICOs, STOs, IEOs), crypto-based products (options, futures, ETFs), and donations.

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Develop a penal framework to protect investors against cybercrimes, hacks, illegal trading, and other crypto-based criminal practices.

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Create a list of requirements including all documentation, application, corporate structure, staff, Accounting, Banking, KYC/AML, Fees, and other compliance requirements for an organization to obtain a cryptocurrency exchange license

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Union Ministers and advisors of Govt. of India can meet the industry leaders to gain the right understanding of the cryptocurrency industry.

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Form a specialized Advisory and R&D team which researches crypto markets, advises the Indian government and is in constant touch with the crypto leaders of India. The leaders of the industry will assist the governments to implement digital currency and blockchain solutions in their architectures making blockchain-based INR a dynamic currency