Cryptocurrencies became more popular around the world. However, the lack of regulations and clarity regarding the future of crypto markets created many problems.
India is home to more than 1.2 billion people. It has a huge potential when it comes to embracing this emerging technology. However, Indian officials are reluctant to support the crypto market. Central banks around the world are careful regarding the cryptocurrencies and crypto industry in general.
Unfortunately, the Reserve Bank of India (RBI), which is a central bank of the country, is among the banks which are not the big fans of this technology. Several weeks the central bank reiterated its position regarding private cryptocurrencies.
According to the statement, RBI is against any private digital currency. These words belong to the governor of the bank Shaktikanta Das.
State crypto projects
In this situation, some people may think that India’s central bank is against any cryptocurrencies. However, the situation is more complicated as it may appear at first glance.
Based on the information, RBI initiated consultations with other central banks. The purpose of these consultations is to launch India’s cryptocurrency in the future.
It is important to mention that China is already working on its national cryptocurrency. According to the preliminary information, China plans to offer its own crypto money by 2021.
Another country in Asia, which decided to explore the topics connected with cryptocurrency is Japan. Moreover, other countries in Asia, such as Thailand, Singapore, and Malaysia, are also interested in this technology.
Private companies and projects
Hopefully, there is still a chance to develop the private crypto market in India. Recently, the famous crypto exchange Binance decided to buy the Indian crypto exchange WazirX.
Another company, this time from South Korea, is also looking for partners in the country. Crypto exchange Bithumb wants to find partners for a new Blockchain platform. This company plans to develop a platform specially designed for India.
The project Bithumb Chain will be available for Indian startups as well as companies and the government.