Blockchain investments India received less than 0.2% CEO of CoinDCX to FM

Questions regarding the legality of cryptocurrencies in India continue to plague any debate surrounding it. The 2018 RBI circular directing regulated entities not to deal in cryptocurrencies were challenged in a week-long hearing recently.

With the 2020 Budget to be presented in parliament, stakeholders in the cryptocurrency world remain anxious. Sumit Gupta, Co-founder, and CEO of the trading platform CoinDCX wrote an open letter to the Finance Minister Nirmala Sitharaman, today.

He stated “The cryptocurrency sector has the potential to give rise to countless new entrepreneurs, new start-ups, new businesses, new innovations, new products and services, new consumers, and altogether new markets—by investing in the industry, the nation of India stands to benefit both socially and economically.”

The letter also highlighted how by demonizing cryptocurrency, the country stands to lose out in comparison to other countries like China and the US. “While venture capital firms have invested upwards of ₹400 billion INR in blockchain startups globally, India has received less than 0.2% of these investments.” These numbers according to him continue to represent a missed opportunity for the country.

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Saurabh Singla
Saurabh Singla is a former Mechanical Engineer turned digital marketer. He has been in the digital marketing industry for over 6 years and has worked with clients across different sectors including FanFare, BitMachina, Bayslope amongst others. Saurabh is also an Author and has written over 30 websites for his clients including INC42, Yourstory etc. After founding CaphIQ in 2020, he is helping businesses and Personalities for their Personal Branding and online visibility.

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