Ramesh Kailasam tweeted that India needs progressive and sensible Crypto regulations. In addition, he said that the value of Crypto assets had crossed $2 trillion worldwide earlier this year. The Global Crypto user base increased by 190% between 2019 and 2020. Moreover, the user base surpassed over 200 million.
He also added that the market cap reached around $2 trillion in April 2021. Hence it is estimated that about 15 million Indians may be holding cryptocurrencies now. Bitcoin itself has worth more than $900 billion. This amount, however, is more than any tech Unicorn founded in the last decade as such.
Global crypto adoption
Moreover, ongoing technological innovations accelerating the Global Crypto adoption. In addition, corporations worldwide are offering Crypto assets to their consumers. These Crypto assets are digital gold or tokens.
Moreover, these crypto-assets serve decentralized applications. The miners can use crypto assets for various things such as transfer, remittances, trading, lending, capital raising, etc. Globally over $5.5 billion has been invested in blockchain startups.
However, Indian companies have received less than 0.2% of this capital. Due to the decentralized nature of Crypto, regulators are getting many questions in their minds. This is happening with governments worldwide, and India is no exception.
Reserve bank of India Notice
Reserve Bank of India has been issuing several cautionary notices. These notices over the years have suggested the users be cautious before dabbling with cryptocurrency. Moreover, RBI 2018 circular led to a prohibition of the Crypto industry in India. This adversely impacted the homegrown Crypto exchanges.
The industry went into a complete shutdown for nearly two years until the supreme court judgment. The supreme court judgment in March 2020 was supportive of Crypto assets and paved the way for lifting the prior restrictions. However, the situation is citing a lack of empirical data to justify the ban.
IndiaTech.org
Ramesh Kailasam is the CEO of IndiaTech.org. In addition, a detail the set of recommendations with white paper recently submitted by IndiaTech.org. IndiaTech.org is an industry body that represents Indian startups, unicorns, and their investors. The firm is constantly engaged with various stakeholders. The firm explains the potential and the most practical ways to regulate this emerging sector.
