Cryptocurrency is taking off in India despite regulatory fears, which many are now dismissing as nothing but FUD.
India today is no stranger to the concept of Bitcoin (BTC) and cryptocurrency. Home to over 1 billion people, the South Asian country touts a population rivaling that of China. India, officially known as the Republic of India, is the second-largest country by population after China. The industry of cryptocurrency in India today still shows a country that is uncertain about the asset class.
In India, government bodies have discussed the country’s stance on cryptocurrencies for years. Although headlines have mentioned various possible cryptocurrency-related bans and regulatory moves — with people often asking, “Is Bitcoin legal in India?” — the country has yet to officially outlaw crypto on the whole. Companies focused on digital assets could not work with banks for a time, thanks to a 2018 ruling from the Reserve Bank of India, or RBI — the country’s central bank — but those restrictions were removed in 2020.
Tech Mahindra wants to provide U.S. banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January.11582
India’s WazirX has launched an NFT marketplace for the exchange of digital assets. The launch comes after a strong month for the exchange’s in-house WRX token.7160
"The load on our systems are way too much," said CEO Nischal Shetty.25121
True or not, the timing of the announcement is suspect given many companies' apparent fondness for pranking customers on April 1.12900
Cryptocurrency exchange operators in India are attempting to dissuade the government from banning digital currencies.7381
Recent amendments to India’s Companies Act will see firms in the country include their crypto involvement in all public financial reporting.3823
Rejecting crypto as a reserve currency will lead to an Indian currency devaluation of the worst kind, warns blockchain entrepreneur Raj Chowdhury.11877
Coinbase plans to base some of its “IT services” in India, including engineering, software development, and customer support.20084
Co-founder of major Indian tech company Infosys Nandan Nilekani has urged the government to help MSMEs access capital using Bitcoin.5556
Privacy-focused decentralized and peer-to-peer technology solutions offer a better alternative to centralized platforms.19171
MetaKovan, the pseudonymous founder of NFT fund Metapurse and buyer of Beeple’s $69 million NFT, has revealed himself.15778
The Ministry of Finance of India continues to form a careful position on private cryptocurrencies.17430
No blanket ban on the horizon, with an open “window” for experimentation in India, says Nirmala Sitharaman.32363
A peer-to-peer marketplace based on PowerLedger's blockchain technology will enable consumers and prosumers to trade their surplus rooftop solar energy.5456