It is a well-known fact that the cryptocurrency and blockchain had not so satifactory year in India and in other regions because of shortage of favourable regulations and hostile central banks, but experts are hoping that things might change in the coming years. 2019 started with a bad start as there was shutdown of cryptocurrency exchanges and layoffs. But, the big social media giant including Facebook which is planning to enter the space and majority of the countries are evaluating the virtual currency and the blockchain technology behind it, and the Industry is also looking at self-regulation and experts are suggetsing that India crypto startups to stand again.
Take of Binance CEO on Blockchain
Government is evaluating blockchain and cryptocurrencies that include stable coins along with selfregulated and global regulatory standards that cleraly shows the public adoption said by the CEO of Binance, Changpeng Zhao who is known as CZ in Industry. The Binance exchange has reccently attained local exchange of Indian market called WazirX. He added that in the coming year, there would be experiements by many governments across the globe for adoption. Among all the experiements, a few will work and others don’t, but, in total, it will show a positive effect for crytpo adoption. Call on Blockhain support number for support.
China all set to launch its own digital currency in 2021
Recently, the RBI repeated its opposition to private digital currencies. In the beginning of this year, Former Finance Secretary Subash Chandra Garg recommended to make cryptocurrency trading illegal in India. But, recently, the RBI has started consulting with other banks on India’s digital currency. China is planning to launch its own digital currency by 2021 and along with that other countries such as France, Singapore and Malaysia are also testing on similar virtual currencies.
Launch of Chinese coin could impact Indian startups
The Founder of Policy and Regulatory Advisory Firm Policy 4.0, Tanvi Ratna had mentioned that the launch of the Chinese soverign coin would give an impact on Indian regulatory strategies. Well, a lot has shifted in the global regulatory front and that has been already impacting Indian startups despite the decision made by the Indian Government. She also mentioned that blockchain world in the upcoming year is going to be a whole new experience comapred to the last year or two.
Though Startups in India are looking for offices in countries that provide favourable policies said by neo bank Juno’s cofounder Varun Deshpande, despite having the regulatory challenges, the startups are inventing in the space. The latest interest in crypto trading has only started in India as said by the CEO of Singapore-based crypto firm ZPX, Ramani Ramchandran. To deal with Blockchain troubles and queries, call on Blockchain customer service number which is functional always for guidance.
Though the RBI and the Government are totally against of the production of private digital currencies and their interest on this topic is less said by Sathvik Vishwanathan, the CEO of cryptocurrency exchange Unocoin. He also added that big moves were taken across various countries related to alllow or ban of the cryptocurrency trade, but this matter is not the agenda of India’s government.