Crypto revolution in India has created a lot of buzz!! With days coming closer to the final hearing of cryptocurrencies in India, many entrepreneurs, influencers and crypto enthusiasts are creating a lot of awareness among youth.
One such crypto enthusiast is Nischal Shetty, who is the founder of WazirX. WazirX is India’s most trusted Bitcoin & Cryptocurrency exchange. The vision behind this excellent product is basically to involve every Indian in the Blockchain revolution.
Although crypto is not yet legal in India, Nischal claims that “India is the only large democracy where blockchain innovation has been stifled because of bank restriction.” But nonetheless, Nischal is trying his level best to create awareness among the Indian Government.
Crypto Exchanges Face Legal Challenges
Cryptocurrencies in India are not recognized as a commodity/asset or as currency. Here is the confusion. As there is no clear idea about cryptocurrencies, Indians are usually misguided about the impact of crypto and Blockchain. Hence, resulting in unnecessary panic and wealth erosion of common people. Nischal Shetty has been regularly yearning the media to research more and exercise restrain.
Bitcoin was celebrating the 10th anniversary of its whitepaper release. The market was exuberant about crypto. The exchanges were experiencing increase in trade volume and the crypto scenario in India was growing too. But, RBI’s ban on crypto didn’t allow the cryptoverse aspects to expand in India. This is when Nischal Shetty decided to raise his voice on behalf of thousands of youth.
Nischal posted his first tweet on October 31st naming “India Wants Crypto” campaign, most importantly mentioning Arun Jaitley. He is also urging to make laws to allow the development and expansion of the crypto verse in India.
Understanding the need for crypto in India, Nischal Shetty initiated with a crypto movement with the name #IndiaWantsCrypto. He has created a Moment on Twitter with hashtags #IndiaWantsCrypto and #ISupportCrypto. This movement basically aims to tweet the Indian finance minister every day to positively regulate crypto in India.
On Feb 9, 2019, there was an announcement that Argentina can now pay using Bitcoin for transport across 37 cities. With this news, Nischal feels “Crypto unites the global population. Also, that whatever unites the world always wins. Internet won. Next crypto will win.”
It is quite necessary to educate common people about the remittance fees that they’re paying in a year. The total remittance fees is 15,000 crores in a year. If crypto is regulated then this price may come down to zero.
The Securities Exchange Commission in U.S. has recognized ICO as a new way to raise fund. With ICOs the businesses can be a lot more benefitted.
Why Do Small Businesses in India Do not Accept Digital Payments?
The digital payment industry is gaining momentum. It is also projected to grow at an exponential rate. But still there are a few reasons why India is not completely accepting Digital Payments. To list a few of them will be:
- Require min balance
- Delay in settlements
The best way to overcome all of them is the crypto revolution in India. According to Nischal Shetty, it is all because “Crypto removes all the friction that comes in the way of progress for Digital India. Crypto just needs the Internet!”
Blockchain & Crypto Courses In India
In the month of March, there was a new initiative taken by the Indian Institute Of Management to kickstart advanced program in FinTech and financial blockchain for management and financial professionals.
Owing to this announcement, Nischal felt that Ponzi schemes do not make their way to educational courses. Finally, crypto is slowly penetrating in schools around the world creating a bright future to all the youth.
According to a recent survey, Nischal Shetty found that in 2019, global blockchain spending will grow to $2.9B. And India is missing this due to banking ban. Also, moving further, in 2022, over $12.4B will be invested. Suppose if crypto is not encouraged in India, the Indians will lose all opportunities.
The best way to explain the value of Crypto in India, Nischal creatively introduced a formula tweeting.
Best Steps to Crypto Regulations
As per the crypto influencer, Nischal Shetty, the best steps will be:
1. Remove banking ban
2. Mandatory KYC & AML policies (solves illegal use)
3. Watch innovation happen
4. Regulate & Win!
According to the real data from fidelity survey,
– 411 Institutional investors surveyed
– 22% already own Crypto!
– 40% open to investing in the next 5 years
Owing to this survey Nischal Shetty urges Arun Jaitley and Narendra Modi to not put India behind when the youth is craving for crypto.
He also feels if Crypto is seen negatively by the government department, then it won’t be long before we lose out in Tech.
Bitcoin Experiencing Upward Trend
Nischal tweeted recently that the main reasons for the price of Bitcoin to skyrocket are because:
1. Bakkt will start Bitcoin futures in July
2. Amazon Whole Foods now accepts Bitcoin
3. Microsoft launches a decentralized identity tool on Bitcoin blockchain
An official answer or response from the government is eagerly awaited. Also, everyone wants the government of the country to help in the growth of this sector. if India accepts this crypto revolution.