Like Sweden and Singapore, India also stands strong to bring this virus down. Strict lockdowns, extensive testing, and a uniform approach to the public can be seen in the midst of this pandemic effect. Blockchain and Cryptocurrency are a tool that can help the “ Work in Progress”.
The Effort to save the economy is a decisive history.
The Biggest trouble to tackle for any country in this pandemic is the Economy and broken financial system. Following the series of lockdown sessions, there seems to be a wave of fear where jobs are insecure, business payments, and managing the operations, Debt, and dues for individuals and companies.
India is on it, several steps have been taken to balance the economy that includes the stimulus package of 20 Lakh Crores ( $ 307.6 Billion). Crypto and Blockchain are gaining special attention from government officials and increasing the number of Crypto users.
Blockchain and Cryptocurrency have risen as an interesting topic for Indian folks, the idea just got real and the crypto services in India are on the boost. We can see Legislative developments , tie-ups and many new players entering the Indian Crypto Industry.
Cryptocurrencies are Banking Friendly
In response to an RTI filed by the owner of popular Crypto exchange Unocoin. The Supreme court on 28th May has confirmed that there will be No Ban on banking facilities to cryptocurrency exchange platforms.
This is a ray of relief among millions of Crypto enthusiasts and as the outcome of this news the crypto exchange saw growth in news users and trading volume.
This also opens up doors for new Crypto exchanges and services to Plant their operations for Indian Users too. We’ve also seen the recent announcement from CoinSwitch, the crypto exchange platform aggregator of launching an app for Indian users specially. This is proposed to be live from June, but prior to this, there are joining and referral rewards on board.
Yet another positive announcement from the Crypto Space after the Ban lift on march 4.
Blockchain reaches Indian Ports
The Largest Private Port operator, Adani Ports has joined with IBM TradeLens. It is a blockchain logistics enterprise software to go digital with its supply chain management.
Indian logistics is one of the biggest and rapidly growing industries with estimated to around $2 billion as of 2019. This industry is next to agriculture and also considered to be the backbone of New India.
With the Implementation of Blockchain technology to its work process, a lot of Paperwork and manual confirmations will be reduced. A Revolution is on the verge.
Indian Players being funded
We’ve been noticing a series of funding and tie-ups in the pandemic time. With the growing Crypto craze in India, these figures are also propelling.
The Newzealand Software development Sylo firm Joins KuCoin to provide its Secure wallet services to the kuCoin indian users. This wallet holds access features of Video calling and storing more coins including ERC-20 tokens.
CoinDCX, the most trusted Crypto exchange of India Joined with Bitgo to claim its Secure storage and insurance services. CoinDCX also bagged $2.5M Investment from Polychain Capital and Coinbase Venture, in addition to the $3 M that was received in March.
I am Confident now!
Crypto and Blockchain are grabbing the Global attention to Indian market. No only the finance but the technology behind this will empower the falling economy and also create employment and business opportunities.
The Crypto enthusiasts are waking up daily to see a different buzz around the market but eventually leading to a revolution. We Can see the Idea of “ future Money “ coming true, bit by bit.