DAVOS WANTS CRYPTO CLARITY FROM INDIA
India must end uncertainty and protect investors, said Ashish Singhal, CEO of one of India's largest cryptocurrency platforms CoinSwitch. “Users do not know what will happen to their capture. Will the government shut down, not shut down, how will it be controlled? Singhal told Reuters on May 22.
You are at the WEF 2022 event between crypto prices falling and the declining home market.
A bad trip for Binance and Coinbase
Regulatory restrictions on money transfers, as well as declining tax policy, have hindered the growth of the cryptocurrency industry in India.
On April 10, US forum Coinbase suspended the option to purchase digital currency through India's widely accepted digital payment channel, Unified Payments Interface (UPI), in its India operating system. In May, chief executive Brian Armstrong blamed the move on "informal pressure" from the Reserve Bank of India.
Home trading such as CoinSwitch, WazirX, and CoinDCX followed a few days later.
Meanwhile, Binance is still waiting for the "right point" to be introduced in India, according to Coindesk. The cryptocurrency exchange, however, will face similar risks even though India is said to be emerging as the domain of Web3.0 giants.
"India [should not] consider investments from crypto-exchanges around the world as a disruptive force," Vivan Sharan, a technology and policy expert, told Coindesk. “Instead, it should see itself as a viable economic opportunity. Trading is an important part of Web3, and it can be easily manipulated to minimize the risks the crypto ecosystem is experiencing these days. ”