RAPID GROWTH OF CRYPTO SECTOR IN INDIA

Ms.Nanthini , Asst. Professor, Department of MBA, SANSAC

A cryptocurrency (or “crypto”) is a virtual currency that can be used to buy goods and services, much of the attraction in these unregulated currencies is to trade for profit, with speculators at times throwing prices high.

As virtual currency can be used to buy goods and services, cryptocurrency (or “crypto”) employs an online ledger with strong cryptography to protect online transactions. Speculators are a big part of the appeal to these unregulated currencies, and they can push the price up at times. Some of the most widely traded cryptocurrencies includes Bitcoin (BTC-USD), Ethereum (ETH-USD), Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). Blockchain, the Internet – Of – things (IoT), and other emerging technologies, such as Cloud Computing, can help the CryptoTech industry survive and flourish. Autonomous agents (e.g., sensors, automobiles, other IoT tech), Digital Twins using IoT, Blockchain & Cloud, and Making Autonomous Decisions are all part of the future of Smart Consumers/Users.

India’s crypto ecosystem is impressionable but rapidly growing. CryptoTech supports somewhere around 50,000 professionals. Retail investors in India have diversified $6.6 billion in CryptoTech assets. The 230+ crypto ventures and 150+ blockchain and crypto projects/proofs-of-concept (POCs) show that CryptoTech is here to stay. Since each technology industry is highly competitive by 10-11 percent in the last two years, the crypto sub-sector has grown by 40-50 percent, 4x faster than the whole IT industry. During the same period, financing for Crypto Startups climbed 8x. The retail ownership of Crypto Assets has produced by 612 percent .These are further examples of Crypto Exchanges, Crypto Start-ups, IT firms offering Blockchain/CryptoTech solutions, Financial Institutions adopting Crypto (Remittances), and Public Sector adopters of CryptoTech.

India has the potential to lead the way in the cryptocurrency/blockchain field in the future, creating new opportunities for employment and economic growth. It’s also one of the top 20 most valuable cryptocurrencies right now, based on market valuation. To ease India’s reliance on the dollar in global trade, a decentralised cryptocurrency might be used.

A day after government nominated for a Bill to ban all such cryptocurrencies, with few exclusions, the cryptocurrency industry urged the government to take a nuanced approach to regulate crypto assets in India. As India has the world’s greatest number of crypto owners, and it is up to the government to advance their wealth. “We urge the Indian government to regulate crypto assets with caution. In case the cryptocurrency Bill passes, India will embark on an exhilarating road towards world leadership in crypto. Cryptocurrencies are not uniquely vulnerable to any legislation or prohibitions. Indian Prime Minister Narendra Modi convened a gathering with senior officials earlier this month to examine cryptocurrencies, and it appears that strong regulatory measures would be enacted to deal with the issue. A climb in the value of Bitcoin, the world’s most popular cryptocurrency, has drawn hordes of Indian investors since the beginning of the year.

An exciting future awaits cryptocurrency users in India. Cryptocurrencies and blockchain – based have the abilities to power India’s objective with the appropriate set of policies and incentives.