Since the inception of cryptocurrency in India, it has taken steady steps toward growth in the country. Cryptocurrency has captured a big part of the market but still, a lot needs to be done. Cryptocurrency gained prominence after the Supreme Court of India lifted the ban on cryptocurrency. In the second part of the interview with Bitcoinworld.co.in, CoinDCX CEO Sumit Gupta, speaks about the future of cryptocurrency in India.
Your take on the future of cryptocurrency in India
We are very optimistic about the future of crypto in India. As mentioned earlier, India boasts a deep tech talent pool, one of the highest mobile penetration rates in the world, and an extremely tech savvy population. CoinDCX’s #TryCrypto initiative was created to help address the burgeoning interest in cryptocurrency trading and blockchain technology, as we envision that the number of crypto traders India has the potential to reach 50 million.
Mr. Garg recently said cryptocurrency could only be used as a commodity in India. Your take?
I believe there are many ways in which cryptocurrencies are classified, some countries view it as a commodity and some as a property/asset. It depends on how the countries’ government values the specific asset class – if they view it as a store of value then property classification or if they view it as a medium of exchange then currency or commodity classification is right.
There are a lot of scams surrounding Bitcoin. How can we educate people not to fall into such traps?
One of the root causes behind many scams related to Bitcoin and in the crypto space is the lack of crypto education and knowledge for the person who is new to crypto. It is important that if a person is #Try(ing)Crypto or investing it, they need to learn about the basics of cryptocurrencies. CoinDCX is focusing heavily on bridging the gap of lack of crypto education through our educational platform DCXLearn, where users can learn about cryptocurrencies. Additionally, CoinDCX has taken more steps – such as partnering with Onfido for user protection, and with BitGo as a custodian to ensure users’ funds on CoinDCX.
Is CoinDCX looking to introduce something new?
CoinDCX has taken steps to ensure everyone has the right access to crypto education in India, by launching DCX Learn. Our focus is to help users educate themselves about crypto and then they can take informed decisions to invest in cryptocurrencies
Our aim is to bring 50 million Indians into crypto with #TryCrypto initiative.
We will be also working to make the CoinDCX platform easy and accessible to a growing number of users in the coming years
Your vision with CoinDCX?
We started CoinDCX to enable global financial inclusion by building a global fin-tech movement in crypto. We began by building a lite crypto exchange with high liquidity. This was the birth of CoinDCX which went on to become India’s largest cryptocurrency exchange. Our vision is aimed at becoming the global gateway to cryptocurrencies starting with India. Our aim is to bring 50 million Indians into crypto with #TryCrypto initiative.