Is India’s Crypto Boom Coming?
Yesterday I read this front page article on The Economic Times regarding the crypto boom in India with a tag line saying ‘this is India’s crypto movement’ and it brought a smile on my face.
Even though it comes across as an advertisement to invest in digital currencies, however, it hinted towards a promise that the crypto exchanges are making to the regulatory authorities by committing towards complying with regulatory Code of Conduct under the Internet and Mobile Association of India.
The Code of Conduct ensures accountability and consumer security and customer care by commuting to comply with the following:
• Customer KYC verification
• Avoidance of Fraud by keeping checks
• Audit changing all transactions
• Full cooperation with legal and tax authorities
• Educating investors on how to trade and invest in crypto assets
• Customer care redressal forum
This all seems very exciting and promising, however, one needs to keep in mind that there are various banks across India who from time to time have stopped customers from receiving and depositing money in crypto trading platforms, even though the Supreme Court of India has ordered the banks to let their customers from sending or receiving money from crypto trading platforms in its early 2020 judgement. Good thing is that whenever a bank stops customers from trading, the courts immediately takes cognisance of the matter and directs that particular bank to not interfere in crypto trading.
Since the government is also busy drafting a crypto bill for the country, let’s see what the future holds for Indian crypto enthusiasts, because let’s not forget, India is a booming economy with the second largest population in the world, a positive move from the Indian government will definitely make many more Indians invest in crypto assets, which would lead to a massive boom in the crypto market all over the world by pushing forward it’s total market cap.
Do you think India is headed for a crypto boom? Do let me know with a ‘yes’ or ‘no’ in the comment section below. Thank you.