India’s tryst with Blockchain

February 27, 2023

Crypto, or cryptocurrency, has been a polarising topic for years. Its evangelists believe that cryptos are the future the internet of value while its opponents view them as a speculation with no real underlying value or even as a scam.

A lot also has to do with the times we live in, where everything is binary: for or against. Some of it comes from a lack of understanding many people don’t understand how cryptocurrencies work or what they are used for. The fact that cryptos are extremely volatile, with prices fluctuating wildly in short periods of time, draws unwanted attention. This young industry is also dealing with its own set of issues, such as bad actors, bankruptcies, and numerous scams.

As the debate rages on, the really smart people have understood what this technology can really do and have quietly gone about their business, be it investing, building, or leveraging crypto in their business. In this article, we will look at what’s happening in the space from an investor point of view and how some companies are using crypto.

The Indian government’s stance on cryptocurrency has been somewhat mixed; the Reserve Bank of India’s position is well known. The government has taken a practical approach to crypto. They will not roll out the red carpet, but at the same time, they will not kill the industry. The aggressive tax laws that were announced in the last budget remain unchanged, even though data shows that they have been instrumental in driving trading volumes to foreign exchanges.