The CEO of CoinSwitch Kuber, one of India’s largest cryptocurrency exchanges, said that they have made “great progress” as a result of their talks with local authorities.
With India’s regulators on cryptocurrencies “in the question-answer phase” Ashish Singhal explained that the authorities are “trying to understand cryptocurrencies” by meeting with organizations in the crypto money industry.
Speaking to Bloomberg, Singhal’s exchange CoinSwitch Kuber is in just over a year. to more than 10 million users reached a valuation of $1.9 billion earlier this month, becoming the country’s second cryptocurrency unicorn.
“In the past, India was five or seven years behind the West in keeping up with new technologies. This is no longer the case, we can keep up with all other countries.” Singhal said that crypto money technology “The new state of the Internet” that India can take this opportunity. “won’t want to miss out” is thinking.
In March 2021, the introduction of a bill that would ban owning, issuing, producing and trading cryptocurrencies in India was being considered.
Noting that this bill has not yet been approved, Singhal has been dealing with regulators since then. “great progress” He said they were recording.
“We can understand the government’s point of view. There are some fundamental deficiencies in the crypto ecosystem (in India) that do not comply with the law. We do not want crypto to be blocked, but to correct these deficiencies. We meet with regulators and listen to their concerns. They are talking to us, learning about the benefits of crypto.”
India, Chainalysis’ 2021 date In Global Crypto Adoption Index ranked second. Cryptocurrency market in India since last year 641% growth is expected to show.