The concept of cryptocurrency has now become a popular financial technology that keeps the potential to compete with traditional currencies. Since it is a decentralized concept, so there is no interference from a central authority or middleman. Now it has been decades, since the launch of Bitcoin, who is the underlying factor behind the popularity of cryptocurrency. The curiosity to buy cryptocurrency in India is now can be fulfilled by many crypto lovers. It is because the ban which was levied upon the cryptocurrencies has been lifted off by the Supreme Court of India. This must-have sound so much afresh and good news for all those crypto enthusiasts, who now can trade in digital currency. The removal of the ban has paved many cryptocurrency startups to grow.
There is a ray of hope among the founders of cryptocurrency startups in India. Now they don’t expect any other ban on cryptocurrency by Centre government. According to the CEO of a popular exchange, as of now, no further worries are coming in the way of cryptocurrency. Also, it is not much sure whether there will be any implementation of the old bill on cryptocurrency or any expectation of a new bill to emerge someday.
Banning must not be a preferred solution to ban technology, by not understanding its depth. In this fast-paced world of technology, India has progressed so much. Hopefully, the country might analyze the approach of developed countries in accepting digital currencies. The growth of cryptocurrency startups can be seen with the emergence of DCX Learn, a new online platform launched by CoinDX. DDCX Learn aims to focus on the content of education, meant for blockchain and cryptocurrency. Founder of the CoinDCX states about no new current update about the banning.
Amid all the doubts revolving around regulations, some people are needed to grasp the knowledge about the crypto concept, and DCX Learn provides that opportunity. Another example is the launch of Kuber, a mobile application of crypto exchange of Indian rupee by CoinSwitch on 1st June. It is being developed especially for the Indian market. Kuber helps the user to trade, buy, and sell their crypto assets with the Indian rupee. It is supportive of around 100 cryptocurrencies.
Ever since the pre-launch of the CoinSwitch Kuber announcement in May, the number of user signups has reached to 100K, which is far better than the estimated target before. The objective of CoinSwitch Kuber is to enhance the acceptance list of cryptocurrency in a big nation like India. To fulfil this desired aim, it provides an easy and affordable way through the mobile application. Pundi X and Paxful are another two examples that can be cited as the growth of cryptocurrency startups.
Conclusion
Many experts have expressed a positive future for cryptocurrency startups. But at the same time, they have signalled them to be aware of the undetermined regulatory bill in India. Well, let us not speculate or instil the fear among these flying kites. Now the question about is Bitcoin legal in India can be answered with the rise of cryptocurrency startups. All kudos to the apex court of India by lifting off the ban from controversial currency, i.e. cryptocurrency. Now since India has shown the green flag for trading in digital currencies, it must keep on boosting for crypto investment and pave a better future for crypto technology.
