I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
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According to a report by Quartz, in , one in every 10 bitcoin purchases in the world happened in India. The country is the second-largest source of web traffic to Paxful, a peer-to-peer bitcoin trading platform, after the U. Using that figure and the number of crypto app downloads in app stores and web traffic data, Shetty estimated there might be as many as 10 million users in India.
Most WazirX users just buy and hold, Shetty said. For many Indians, bitcoin is digital gold, i. Indians have a habit of accumulating actual gold as a savings tool, and it has strong cultural roots, said Kashif Raza. India has always been a huge holder of gold. When a couple gets married or a child is born, the family is often gifted with gold. That family wealth, in a form of jewelry, can be passed down to new generations. Read more: Indian Government Officials Give Mixed Signals Over Planned Crypto Legislation As Shruti Rajagopalan, a senior research fellow at the Mercatus Center at George Mason University, wrote in an op-ed for Bloomberg , in the s and s, due to the regulation known as the License Raj, Indians could only hold foreign currency for a specific purpose after getting a permit from the central bank.
Bitcoin is harder to control or confiscate, and it also provides a new way of earning money even when the mainstream economy is doing not so well, especially during the coronavirus pandemic year of The rules and regulations around taxation on cryptocurrency are still at a nascent stage and will take some more time before it takes a firm shape. However, the gains you make over a shorter period of time will be classified as short-term gains. A lot has changed since then, mentioned industry experts.
Recently, Prime Minister Narendra Modi held a meeting with officials on cryptocurrency scenario in India and the way forward. Earlier in May, finance minister had said that a very calibrated position will be taken on crypto and digital currency as the world is moving rapidly with technology. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.
First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto regulations in India. Follow us on Facebook , Twitter and Telegram. She has been covering personal finance for four years.
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