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Crypto: Evaluating its Future Prospects in India


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Crypto has come to stay.  Many countries of the world have shown remarkable support for cryptocurrency development. The country is set to get its first Bitcoin and Ethereum Futures exchange-traded funds. Without halving the truth, it has begun to dawn on many doubters that cryptocurrency has indeed come to stay. Many predicted that cryptocurrency is the future of the human race’s unquenchable demands for exchanges and transactions. Luckily for us, the future is here already!

From the launching of several NFTs projects to financial support for the film and cinema industry, procurement of Virtual lands, medium of exchange in the sporting world. One can boldly claim that cryptocurrency is gradually touching every aspect of human life. What else should we expect the future to bring for the digital currency industry? We are in the future already!

Doubters can keep doubting, while the industry keeps extending its tents into every sector. Crypto has indeed, come to stay. In recent times, we’ve seen Nation-states adopting a digital currency as a medium of exchange and notable world powers drumming support for the digital industry. Thus, resulting in fierce competition for individuals and governmental bodies to set a footprint in the industry.

The Contributions Of India INX

Recently, India took a bold step towards having its first Bitcoin and Ethereum features exchange-traded funds. India INX partnered with Torus Kling Blockchain IFSC to get a license for a Bitcoin and Ethereum Futures ETF.

Furthermore, Cosmea Holdings will champion the duty of distributing Bitcoin and Ethereum microfeatures. Trading India will focus on Metaverse by flying discount certificates for popular Tech organizations such as Meta, Nvidia, and others.

By March, Torus Kling Blockchain is hoping to get a license from the International Financial Services Centres Authority.  Moreso, it’s also eyeing $1 billion assets under its jurisdiction in its first 24 months of operation. This is possible through discount certificates and ETFs. With the license, Indians will be able to invest in Crypto Futures ETFs under Brokers that are duly registered with India INX.

Crypto Embracement in India Despite Ensuing Controversies

Regardless of the controversies surrounding the regulation of digital currency, Indians are surging ahead to invest In the Industry. Statistically, the Economic Times report claims investors in India have multiplied by two in the space of the last 24 months. Recall that the Indian government banned cryptocurrency in 2016, the market has grown with over 15 million investors in the country afterward. However, in 2019 India relaxed its policy on Crypto with the ‘Banning of Cryptocurrency and Regulation of Official Digital currency bill’. In addition, India has shown interest in allowing the sector to breathe. It has begun legislative sessions on the adoption of the ‘Crypto Currency and Regulation of Digital currency bill, 2021′.

In conclusion, the continuous embracement of bitcoin and ethereum as members of the mainstream financial systems in many of today’s countries is not farfetched. Both coins have enjoyed consistent successes over time and have encouraged millions of investors to subscribe to digital platforms. However, other alternative cryptocurrencies, like Ripple must imitate the consistencies of the bitcoins and ethereum to attain such feat.

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Oluwapelumi Adejumo
Oluwapelumi Adejumo
Oluwapelumi believes blockchain technology have the potential to change the world for the better.

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