Early Jan 2020, the Indian Crypto industry received a very optimistic welcome. In March, the Supreme Court revoked the ban on the banks working in crypto exchanges. However, the pandemic helps to improve the ease of digital currency in India.
Truth to say, uncertainty is back. Nothing is startling here, the world, in general, had a strange attitude accepting cryptocurrencies. Everywhere it received outright bans, heavy taxations, and fines for using cryptocurrencies and, India is no exception. Recently in March, Supreme Court inverts RBIs oppressive bans on the banks providing crypto services to the crypto startups. However, this gives the startups to breathe a new lifeline and help to redirect their resurgence in India.
Despite the worldwide loss of over $50 million, due to the corona outbreak, blockchain companies in India continue to flourish. Currently, 1.7 million users are having virtual currency account in India. As per the data received from IAMAI, the global crypto market in India thrived over $430 billion.
It is unfortunate to see, despite having such lucrative success, different factors such as Governmental policies, ease of usage, and transaction times threatening the growth and adoption of cryptocurrencies in the Indian economy.
However, despite all the challenges cryptocurrency in India received unbelievable success. Few prominent crypto agencies are evolving daily in terms of exchanges, applications, and technology.
Here we have mentioned few challenges received by the new startups and how they drive through the future roadmap.
Lack of information: Challenge number one received by every crypto company in the world, misinformation or lack of information. Crypto is an emerging technology and myths and misconceptions around it always aid to create a negative perception for it.
Due to the latest overturning of bans, Indian users’ had to use P2P which was a huge success for many startups and but banking services will be more convenient to use. In upcoming years crypto in India may go mainstream and, innovations will solve its unique problems.
Lack of clarity: Needless to say, the absence of clarity against crypto regulations has stood as the biggest challenge amongst the Indian cryptosystem. But with the emerging potential growth and popularity, India will certainly stay onboard for the long run making crypto usage easier than ever.
Ease of usages: Regulatory and perception are big challenges but the supervillain plays the difficulty of usages. Mainstream adoption of cryptocurrency was a long journey in India, however, numerous obstacles overcome India starting to see the new era of light in cryptocurrency. The latest ruling in March has gained a new standard for credibility and thus, a large number of Indians starting to see cryptocurrency as a legitimate category of asset. With the latest revoking of rules, crypto usages will be easier than ever.
On an ending note, the ongoing growth of the Crypto ecosystem is unavoidable. There’s a possibility of endless innovation in the crypto world to improve and excel in the existing technologies to an unseen height. In the coming years, India can be the hub of ongoing blockchain and cryptocurrency projects. Here’s when the startups need to focus on the challenges and overcome them with the coming years. It’s a nascent opportunity; coming challenges are normal and equally important to grow in the future. Crypto traders must understand the ecosystem setbacks, and should continue to improve and grow further.
Writer and Researcher on Blockchain technology, Cryptocurrency, Cyber Security and etc., Graduate in Journalism and Mass Communication and currently pursuing Post graduation diploma in Marketing communication from Calcutta University. A simple person with big dreams and hopes in life. Being a Marketing Communication student, I am extremely interested in the field of Content Marketing. I love researching and learning new things that’s how I ended up working as a Content Writer.