India Delays Cryptocurrency Laws, Windows Market Entry

With a population of 1.4 billion, India is the fastest growing cryptocurrency industry, with over 20 million cryptocurrency holders waiting to implement the rules. in the country.

The Cryptocurrency and Revenue Regulations 2021, which was first due to be presented during the Indian Parliament's summer session in December, has been postponed. The bill announced a legal ban on all private cryptocurrencies in India. Local media reported that people were aware that the government was still working on the terms of the law and the government had yet to approve the bill.

The delay in legislation has created a window to improve the crypto industry in India. Whether it is the market demand for crypto assets, the size or aesthetics of the crypto industry for technology, India has entered a period of rapid growth. According to the report, between January 2018 and December 2020, India's cryptocurrency trade volume accounted for 5% of total world trade.

In the eyes of observers, if regulations and guidance were to be imposed after China's total cryptocurrency ban, the Indian cryptocurrency industry appears poised to become the dominant base of the Asian cryptocurrency industry.

India delays development of cryptocurrency policy

Indian Cryptocurrency Law 2021 and Financial Rules May Be Delayed According to Indian media, the government has announced it will decide to change.

The law was announced over a year ago and is the first to go to the Indian Parliament's summer session, which begins on November 29. Digital Gains of India (RBI, Central Bank of India). The winter meeting, which ended on December 23, has yet to discuss the law and the cabinet has yet to approve the request.

Some time last week, the Congress of Congress pulled the cryptocurrency bill off the corporate website. But even when Parliament is adjourned, the government can show the law by decision. The delay is said to be due to the Indian government's belief that "the global cryptocurrency exchange needs to be discussed more broadly."

The delay in the bill has also opened a window to the growth of India's crypto industry and the cryptocurrency market.

With a population of nearly 1.4 billion, India is one of the world's largest markets. Data shows India has over 20 million cryptocurrency holders and topped the market cap for a total of Rs 6 billion. (equivalent to US $ 79.14 million) has been invested in cryptocurrencies. Of the 20 million cryptocurrency holders, the average investor age is around 25, with most investors between the ages of 25 and 34.

According to a report by Crebaco and Khaitan & Co, cryptocurrencies, especially Bitcoin and Ethereum, have become popular in India. The report estimates that the Indian cryptocurrency market is worth $ 15 billion, and from January 2018 to December 2020, the volume of cryptocurrency trading in India accounted for 5% of total international product sales.

India's interest in cryptocurrencies has grown steadily over the past decade, and many cryptocurrency exchanges such as CoinDCX or WazirX have sprung up to meet the demand. Recently, CoinDCX was valued at $ 1.1 billion after receiving funding.

Changes in Indian Crypto Asset Rules

The booming market and the rise of affected companies has long been a concern, and the Central Bank of India has pointed out that cryptocurrencies pose a threat to financial and macroeconomic security.

The government appears to have accepted the restrictions, but the Reserve Bank of India (RBI) has not changed its position. According to the "Economic Times" report, the RBI repeatedly stated in its detailed instructions to the Council on December 17 that "a total ban must be imposed". All aspects of CBDC digital currency trading and private cryptocurrency ”.

The RBI addressed the issues surrounding the regulation of foreign banking and the regulation of offshore virtual assets that are behind the call for a ban. This means that the anonymity of the cryptocurrency market is of great concern to the RBI.

Indian cryptocurrency analysts say investing in cryptocurrencies in India is now very risky unless the government takes the facts seriously. However, in the future, when the rules are introduced and cryptocurrencies are legalized with the right advice, the market will become free for investors, especially young people. .

Internet users enter the Indian crypto market

India is one of the largest cryptocurrency markets in the world. According to a report by blockchain data platform Chainanalysis, from January to June of this year, the domestic cryptocurrency market grew 641% in six months. Over the past few months, Indian cryptocurrency exchanges CoinSwitch Kuber and CoinDCX have become unicorns.

Take the example of CoinSwitch Kuber, the leading cryptocurrency exchange in India, which has grown from 25 to over 380 employees in the past year and a half. Internet users have joined the company, including former WhatsApp Director Ashish Chandra (Secretary), former Paytm Director Krishna Hegde (Vice President of Planning New) and former Flipkart Director Jayram Krishnan ( vice president of product). Internet companies are functioning.

The headhunter firm announced in an interview with The Economic Times that 25-30 job exchanges in India saw the need for expertise for the crypto industry, according to the Law, Regulation report. , risks, marketing and sales. In India, the regulation of the crypto industry, the demand for technology is still evolving towards "the introduction of project management, stricter regulation and greater government oversight".

Cryptocurrency exchange executives and executives have said that there are two attitudes towards hiring. Some cryptocurrency enthusiasts remain skeptical of the market due to unclear management, while others are unsure. They believe it is a way to make money fast.

“In India, crypto and blockchain skills are growing, but not yet. That is why we have to provide high salaries of Rs 150,000-700,000 per month (equivalent to US $ 1977-9226) for our technical staff. A Praveenkumar Vijayakumar, Director of Belfrics Global, a Malaysia-based cryptocurrency trading company, said in an interview: “According to 'Blockchain commerce and adoption, the demand for blockchain technology will increase further. It will be more competitive ”. noted.

According to industry trackers, the average salary offered by the exchange is typically around Rs 200,000 (US $ 2,636) per month for professionals with 2 to 4 years of experience.

Growth of real estate industry and cryptocurrency industry in India

India's tech tech market is already very strong, with established companies and blockchain companies operating the highest salaries and the highest level of expert data in history. Reports show that professionals with encryption and Web3 skills are paid 10-30% more than professionals with the same year in the job. “India will be the biggest cryptocurrency market in the world, and the market will be very hot in the long run,” Transsearch said.

In this development, Himanshu Sharma, who works in business consulting, wrote an article saying that if India should regulate cryptocurrencies, it does not have to follow the ban issued by China. UK and Singapore In these markets, cryptocurrencies are also considered non-fiat assets, but must comply with the rules of the financial regulator.

In the eyes of observers, if the crypto industry in India can get some regulation and advice, it looks like it could turn China into a print trading company for the crypto industry in Asia.