India on its way to becoming a crypto and blockchain hub, number-1 in adoption, what did the India head say on Binance’s return to India? – India Leads in Crypto Blockchain Adoption Binance regional market Head Discusses Comeback
Is crypto coming back again? Crypto used to be a buzzword a few years ago. From social media to TV, there are only crypto ads and discussions related to it. Gradually the crypto craze in India subsided and currently it seems that crypto is in a standstill.
But do you know that the value of Bitcoin is continuously increasing. The value of one BTC has become approximately Rs 1 crore. That means, for the first time in history, the value of 1 Bitcoin has become this much. At present the value of 1 Bitcoin has become 1 lakh US dollars, but it is not going to stop here.
Not only this, crypto experts are predicting that by the first quarter of 2025 the value of 1 Bitcoin can be up to $120k. DeVere Group had predicted only last month that by the time Donald Trump becomes President, the value of 1 bitcoin could be 100000 USD.
Meanwhile, Binance has also returned to India. Binance has started business again in India from August. It is noteworthy that Binance is a global cryptocurrency exchange platform where training related to crypto including crypto trading is conducted.
Aaj Tak has an exclusive conversation with Vishal Sachindran, Regional Market Head of Binance. We have tried to know from them what is the future of crypto in India. Also asked what mistakes people generally make in crypto space and what should be done to correct them.
First of all, let us know why the value of Bitcoin is increasing so much?
Donald Trump has made many big claims regarding crypto. There has been talk of making changes in the crypto policy. The biggest thing is that Elon Musk will be given DOGE department. Since Elon Musk is very vocal about crypto and also supports it. Due to this, there is a lot of excitement among the traders, because they feel that there will be a crypto boom because of Musk.
Bitcoin has increased by 40% since the US Presidential Election. Donald Trump will soon become President and since he has shown support for cryptocurrency, traders are also looking very excited about crypto.
There is hope within the Trump Administration that there will be less regulation on crypto and favorable policies will also be made. Donald Trump has also talked about forming a special Presidential Advisory Council for Bitcoin and Cryptocurrency in the government.
Is now the right time to invest in crypto?
Ever since crypto has been heavily taxed in India, the crypto craze here seems to be almost over. But despite this, the regional head of Binance, the world’s largest crypto exchange, told AajTak that crypto adoption in India is much higher than in the world. This figure is interesting in itself.
According to the latest report of Chainalysis, India is at number-1 spot in global crypto adoption. Not only this, India has been at number-1 position here for the last two years. India is still far ahead in the global crypto market and after the return of Binance to India, it seems that people’s interest in crypto may increase once again.
Binance returns to India
On Binance’s return to India, Regional Markets Head Vishal Sachindran told Aaj Tak that the company has worked very actively with India’s Financial Intelligence Unit FIU and regulators. “We focused on transparency—we shared our practices, demonstrated compliance, and acted in accordance with regulations,” he said. We gave live demos of operations to the government, so that FIU felt comfortable and we could get approval.
According to Binance, compared to other regulators, India’s regulators are open to dialogue with the industry. Globally, not everyone is like this. Many regulators focus only on enforcement without understanding the industry. It was quite refreshing to see the collaborative approach of FIU.
People still do not have much clarity regarding crypto. Binance has said that the company provides free training to people and wants the blockchain and crypto concept to reach the grassroots level. He said, ‘We are working with education ministries of the world and want to bring the same approach to India too.’
What is the future of Indian digital currency CBDC?
At the end of 2022, the Reserve Bank of India launched the Central Bank Digital Currency i.e. CBDC. It is also called eINR or E Rupee which is the tokenized digital version of the Indian Rupee. But as expected, CBDC has not become as popular in India.
However, according to the latest report, there are more than 50 lakh users in the pilot program of Reserve Bank of India’s digital currency i.e. CBDC. However, according to Reserve Bank Governor Shaktikanta Das, there is no hurry to launch it full scale. He has said that before launching a system-wide full scale CBDC, it is important to understand it and find out about its impact on users.
RBI Governor believes that CBDC will do wonders in the future payment system. This will also help a lot in India and cross border payments.
On the question of CBDC, Vishal Sachindran, Regional Market Head of Binance told us that it is still in the initial stage. Not only India, but other countries too have not been able to fully implement this type of currency. The biggest problem is adoption and this is the biggest problem of CBDC implementation and is also a challenge for the government.
Why is the crypto market so volatile? Why are people afraid to invest in crypto?
Vishal says that people should not run after hype. Just like you research the normal stock market, this should also be researched. Those who want to invest in crypto should first understand its protocol. According to Vishal, like the equity market, there is a need to study the fundamentals of the company in crypto. He told that free training of crypto and blockchain is given in Binance Academy from where people can understand from basic to advanced.
What is the future of crypto?
Vishal believes that this is not just a trade, but it is a technological shift and it is not going anywhere. If that were the case, Bitcoin and other cryptocurrencies would not be growing steadily. People will have to take time to understand blockchain and its applications. The adoption process will also take time. There is a lot of potential in this space and India in particular is in a unique position to lead in blockchain innovation.
