The Indian government has imposed tight regulations on cryptocurrency use and trading in the country. The administration, however, has yet to develop a regulatory framework for digital assets. Meanwhile, Binance, the world’s largest cryptocurrency exchange, is looking into the potential future of cryptocurrency in India.
India has enormous potential.
According to rumors, Leon Foong, Head of APAC at Binance, is interested in the burgeoning cryptocurrency business in India. He stated that Binance and other IT gurus have recognized the nation’s developing Blockchain firms. Foong emphasized that India has several fundamental advantages over other countries. Because it has many well-trained engineers, the country has the potential to be a very huge crypto market.
Binance APAC CEO noted that India’s digital venture capital investment will increase to more than $44 billion by 2021. A massive amount of crypto and Web 3 related projects could leave the country if the right blockchain entrepreneurs are not coupled with the necessary funding and talent.
Restrictive policies stifle cryptocurrency growth.
In India, a comprehensive regulatory framework to control digital assets is still lacking. Meanwhile, the government has placed a 30% tax on crypto profits and a 1% Tax Deducted at Source (TDS) on every trade. This has eventually resulted in a significant decrease in the number of investors entering the digital asset markets. The merchants are concerned about the company’s future in the country.
According to Leon Foong, limiting policies prohibit the ecosystem from reaching its full potential. The digital assets market is very broad, and as the Web 3 business develops, it will undoubtedly create a great number of jobs for the country. This will undoubtedly improve the Indian economy in the long run.
Binance conducted a poll to uncover patterns in the Indian population, according to the article. According to the poll, more than half of the Indian population is under the age of 25. While around 34% of the population recognizes them as Millennials. Because young generations are skilled at embracing new technology, these are ideal conditions for digital assets to thrive in a country.