on the crypto
'SIndia it is a complicated moment, from an economic point of view. The unemployment rate is at its highest in the last 45 years, while the annual growth rate is falling. If until a few years ago India was one of the fastest growing economies on a global level, there are currently many economists who are worried about what is happening. So much to say that in the absence of incisive and immediate measures, the meltdown could prove disastrous.
Cryptocurrencies could be important for India
Faced with a situation that penalizes above all the young generations, many believe that India could benefit greatly from the adoption of cryptocurrency and Blockchain technology. According to some estimates, its economy could benefit from new revenues of almost 13 billion dollars a year, when digital assets came effectively regulated. These are, of course, approximate estimates of the direct revenues that could be generated by companies and transactions directly related to the sector. A figure which should then be added to the indirect revenues and the many jobs that the company would be able to support
To explain the great potential of the sector is one CREBACO study, society of analysts dealing with cryptography and Blockchain, according to which its regulation can be the viaticum to the direct creation of work for a spinneret composed of cryptocurrency traders, programmers all those figures engaged in exchanges and service providers.
The possible boom in the fintech sector
It's Siddharth Sogani, CEO of CREBACO, to affirm in an interview with AMBcrypto that the interest and growing awareness of technology and digital assets could lead to a real fintech boom. According to Sogani, the current recession, similar in character to that of the 2008, could be one of the last, since the decentralization of monetary and financial models will take precedence over traditional ones, making long-term inflation impossible. of banks and financial institutions.
It should however be emphasized as the prohibiting banks from having relations with companies operating in the crypto sector, ordered by the RBI, which entered into force in the first quarter of the 2018, has virtually paralyzed the sector, forcing several exchanges operating in the country to stop their activities abruptly.
The advantages of regulation
Among the main operators affected by the provision Koinex, CryptoKart, ZebPay while among the few still in business it should be mentioned WazirX. Its CEO, Nischal Shetty, a great supporter of regulation, listed the advantages that could derive from it, from an economic perspective:
- inflow of foreign venture capital investments into Indian startups;
- increase in jobs;
- ability to raise global funds for the same startups;
- faster and more convenient remittances for 300 millions of workers currently outside national borders
Shetty himself underlined how technology is fundamental for India and a ban on virtual currencies would give a bad signal to the rest of the world, attesting that the country does not constitute an ideal environment in this sense, and to the brains present within it, which would only have to emigrate to exploit the skills acquired.
