India Recognizes Blockchain’s Potential: CoinDCX CEO

Change of heart? India-based exchange CoinDCX’s CEO and Co-Founder Sumit Gupta said in an interview recently that the Indian government recognizes blockchain technology’s potential. He has also given some hope about the unlikelihood of a blanket ban on cryptocurrencies.

“Indian crypto market has flourished since the onset of the Covid.” — Sumit Gupta

Further, he said that it is possible that India will form a panel for crypto. It will regulate crypto as digital assets rather than tokens. 

This news comes in a series of updates about India rethinking its initial stance on crypto. A concerned official recently stated, “There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.” This refers to the former financial secretary’s suggestions for crypto in India, back in 2019.

Already, there are rumors of India’s finance ministry keeping a close eye on how crypto market activity unfolds. Not just this, but their confusion in the matter along with their uncertainty about crypto use is also very obvious. For instance, they’ve now decided to leave the crypto ban decision to each bank’s own discretion.

As such, some banks have outright refused to let customers connect accounts to crypto exchanges.

Still, amidst all this, it seems India is having a change of heart about cryptocurrency. Taking words from CoinDCX’s Gupta, maybe India really is recognizing potential in the nascent industry.

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