The main areas of intervention of Crypto Bill and digital currency in the new year – The New Indian Express

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Express news service

BENGALURU: The cryptocurrency market in India is booming with an increase in the number of investors and also with the arrival of new crypto exchanges in the market.

This momentum is expected to continue into 2022. Crypto exchanges are hoping 2022 will be a big year for them as they are also waiting for an upcoming bill regulating the market.

“The Indian crypto industry is awaiting an official government statement. We believe that regulatory clarity will help dispel misconceptions about investing in crypto assets and encourage more Indians to start their crypto investing journey, ”said Ashish Singhal, Founder and CEO of CoinSwitch Kuber.

CoinSwitch, which turned into a unicorn in 2021, said that in 2021, 1.4 crore of users across 4,000 cities traded more than Rs 1.58 crore lakh in crypto assets through its platform.

Besides bitcoin, 2021 saw the metaverse revolution. According to a report by Allied Market Research, the global crypto market size was valued at $ 1.49 billion in 2020 and will reach $ 4.94 billion by 2030 at a CAGR of 12.8%.

NFTs to disrupt industry

Many celebrities are joining the non-fungible token (NFT) movement, and NFTs are now becoming a buzzword among investors. “2022 will see an increase in the native blockchain protocol. Composable blockchain protocols like Ethereum, Algorand, Solana, and Cardano will host new tokens and upcoming projects. The new trend of releasing corporate tokens on the blockchain is sure to accelerate in the coming years and this will boost the creator economy, ”said Sathvik Vishwanath, Co-Founder and CEO of Unocoin.

He added that although NFTs are at an early stage, retailers and institutions are very interested in them and this trend will increase.

Sumit Gupta, co-founder and CEO of CoinDCX, also said that NFT will continue to be a hot topic and disrupt the gaming, art, and creative industries, among others.

“Nations around the world are exploring the possibility of launching and reviewing a pilot program for their national digital currency. There is a good chance that 2022 will be the year when other countries will create their own CBDCs (Central Bank Digital Currency), ”he added.

Nitin Sharma, Partner & Global Blockchain Lead, Antler said, “In Web3 and DeFi there is a new internet and a new financial system being built – with DAOs (Decentralized Autonomous Organization), crypto, NFTs like building blocks.

The world is now ready for thousands of new founders to take advantage of this opportunity and create a decentralized Web3 that will take shape in the next 4-5 years.


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