Cryptocurrencies have gained massive adoption globally, and they are solving problems, especially in the financial sector.
Cryptocurrency is a topic of debate currently in India due to the regulatory uncertainties. The government is looking to introduce tougher laws regarding crypto trading investment and said it doesn’t intend to make Bitcoin a legal tender.
Ashish Singhal, co-chair of Blockchain and Crypto Assets Council (BACC) and Founder & CEO of CoinSwitch Kuber, told the Indian Express that the crypto space is not clamouring for Bitcoin to be a legal tender. He stated that;
“First of all, exchanges and crypto companies never expected India to adopt cryptocurrencies as legal tender. India, being a sovereign country, should have capital controls, financial stability. It makes sense for countries where there is instability, but for India, it doesn’t make sense to give control to a cryptocurrency.”
Singhal added that the cryptocurrency space stands by the government and believes that a central bank digital currency (CBDC) is crucial to solving the problem of digitisation. With CBDC, money can become digital, he added.
The CoinSwitch Kuber CEO argued that cryptocurrencies could best be described as an asset class rather than a legal tender. He added that;
“The next Google, Facebook and Microsoft will be built on blockchain and will hopefully come from India. So, the scope is much wider. It is the new internet in the making and is not just about trading a commodity. The trading happens because of its use case.”
Cryptocurrencies have gained massive adoption globally, and most experts view them as assets instead of currencies. They have varying use cases in both the real world and the virtual world. Singhal said cryptocurrency exchanges are crucial to how the crypto market operates, and their roles will only grow bigger in the coming years.
He compared crypto exchanges to stock exchanges and added that the best use cases of crypto might be smaller, but those use cases are being solved amazingly. Singhal added that there are many real-world problems that cryptocurrencies and blockchain technology are solving, and the trend will only grow stronger in the coming years.