India’s adoption of cryptocurrency will pave way for the next dotcom like revolution, says industry

October 11, 2021

Cryptocurrencies are not going anywhere, but there is an urgent need to regulate the crypto market and recognise it as an asset class. This was the sentiment that dominated the panel discussion “Hydra Heads: The roller-coaster world of cryptocurrencies. And what should India do about it” at the 19th edition of the India Today Conclave 2021.

The session saw the participation of cryptocurrency heavyweights such as Kunal Nandwani, CEO and co-founder of the trading technology company uTrade Technology, Sumit Gupta, CEO and co-founder of CoinDCX, Ashish Singhal, co-founder and CEO of the crypto exchange CoinSwitch Kuber, and market maven Sanjay Mehta, founder and partner, 100X.VC.  

China’s recent ban on virtual tokens also loomed large over the discussion. Nandwani pointed out that although China is a huge market, yet the impact of the ban will not be significant. “I see the adoption of crypto as the way forward and there is a need for governments to get comfortable with cryptocurrency as an asset class which has seen a massive growth since past one year,” he said.
CoinDCX’s Sumit Gupta said that banning cryptocurrencies can do more harm than good and the need of the hour is to engage with the government and masses on this evolving asset. ”In fact, harnessing the blockchain technology in sectors such as banking and the financial insurance industry, fintech, etc. will also attract billions of dollars of investments into India. However, a regulatory grey zone around the cryptocurrency is certainly blocking our opportunities,” he noted.
The industry stalwarts likened the current hype around cryptocurrency to that of the dotcom bubble in the 1990s and asked the investors to be cautiously optimistic when putting their money into the same.
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