India Has Huge Potential To Become A Global Crypto Hub, But Key To Clarity, According To Indian Crypto Startups And Investors
India has huge potential to become a global crypto hub, but India needs to develop a clear manual for setting up and operating crypto businesses, given the uncertainty surrounding the operation of crypto projects in the country, crypto startups and investors have said. during the launch event of Your story The Metaverse Summit, the first Web 3.0 conference in India.
During a round table on “India’s Crypto History: The Way Ahead,” Raghu Mohan, Co-Founder and CEO, Buidlers Tribe and Lumos Labs, spoke with stakeholders in the crypto startup ecosystem such as Aniket Jindal, Co-founder, Biconomy; Pranav Sharma, Founding partners, Woodstock Fund; Tarusha Mittal, Co-founder and CEO, Unifarm; and Minal Thukral, Executive Vice President – Growth and Strategy, CoinDCX, to dig deeper into what it will take to make India a global crypto hub and build a decentralized future powered by Web 3.0.
“Web 3.0 is inevitable. What is more important for India to shine is to capture the associated industries or the economy as a whole. Another important question is whether we can create jobs on a large scale? So it’s about creating favorable frameworks for India to capture huge value, ”says Pranav Sharma of the Woodstock Fund.
From an outright cryptocurrency ban in 2016 to an upcoming regulatory bill, India’s cryptocurrency ecosystem and stakeholders have been on a rollercoaster ride in recent years.
Given its engineering potential, India has a chance to truly mark its authority in the crypto space and make a very significant contribution to laying the groundwork, the panelists said.
“From an emerging economy perspective, crypto offers an open framework that provides a level playing field for anyone to build apps, innovate, monetize, etc. Technology has made collaboration easier. You can build apps that can empower communities, ”said Pranav.
Today, there are so many more Indian entrepreneurs building world-class products in space, the panelists acknowledged.
“The year 2020 was kind of a beta phase where people started using these apps. So it was kind of a paradigm shift that happened over the last few years, ”noted Aniket.
However, in the beginning, as Aniket adds, cryptography was more of an experiment, with no real products in sight. The lack of policies and clarity has also caused some people to take advantage of these loopholes, which has led to multiple scams globally.
The panelists unanimously agreed that it is the responsibility of entrepreneurs, investors and other stakeholders active in the crypto ecosystem to raise awareness of the crypto industry and highlight its benefits. It is necessary to deliver the right content to educate the end user, whether it is an individual or a business person.
Additionally, regulation of the crypto space, rather than any sort of knee jerk reaction, should be the way forward, the panelists said, who added that the scope of the policy should be extended beyond crypto exchanges. blockchain and DeFi to include NFTs (or non-fungible tokens) and related products.
“The crypto sectors need to be addressed. You can’t put everything in one basket, ”Tarusha said.
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