India’s crypto outlook positive: Raj Chowdhury.

Eminent blockchain pioneer and PayBitoPro CEO Raj Chowdhury elaborates on the implications of the Indian government’s current policies in regards to blockchain implementation and cryptocurrencies on the entire world. 

Crypto Legislation in India

The world’s second-largest nation in population finally gave the much-awaited green signal to crypto exchanges and traders. In its FY 22-23 budget presentation, the ruling government placed cryptocurrencies under the digital assets category, along with a 30% tax on profits earned. The country will also launch its own CBDC, powered by blockchain, in 2022-2023.

Also Read: Indian Crypto Market Welcomes Latest Regulations Pertaining To Digital Currencies

CEO Speak

Chowdhury states, “As a nation, India has the largest number of crypto asset-owners all over the globe. The measured approach reflects the government’s attempts to prioritize the best interests of its citizens while opening its arms to newer possibilities through blockchain and cryptocurrencies.”

India: Home to the Largest Number of Crypto Owners

The country won the second spot in the 2021 Global Crypto Adoption Index. The nation is pacing up its economic growth and looking forward to setting up a national blockchain framework. The present focus on advanced technologies will open avenues for startups and enterprises to seek business growth opportunities using cryptocurrencies. 

Also Read: India‌ ‌Not‌ ‌Likely‌ ‌to‌ ‌Enforce‌ ‌Crypto‌ ‌Ban;‌ ‌Stresses‌ ‌on‌ ‌Blockchain‌ ‌Implementation‌

Blockchain Technology: Upcoming Innovations

A chief disruptor across multiple industries, blockchain has several upcoming innovations that will change the way humans interact with technology itself. Metaverse and Web 3.0 are on the way, while DAOs are a perfect example of a decentralized functional economy. 

“The recent highs in the global crypto markets will be seen as milestones surpassed in the near future. Upcoming blockchain-powered innovations will further raise the significance of cryptocurrencies,” concluded Chowdhury.

Also Read: Layer 1 Blockchain and The Current Crypto Landscape

Final Words

Fostering the spirit of collaboration instead of competition, PayBitoPro offers its crypto exchange architecture for startups and enterprises looking to venture into the crypto exchange business. The company also offers additional crypto banking solutions with crypto collateralized lending, wallet storage, and more.

Source: https://finance.yahoo.com/news/indias-consideration-global-collaborations-best-080000329.html