India's cryptocurrency market is ready to work and awaits the authorities' decision
India's government met this Monday for a winter session to pass more than 26 bills, one of which will determine the fate of the crypto industry in the state.
It is expected to ban all private cryptocurrencies, but the government also plans to create a framework for an RBI-backed digital currency. Of course, the meaning of the word "private" in the bill has yet to be clarified.
India reportedly has no plans to recognize Bitcoin as a currency, Finance Minister Nirmala Sitharaman said.
Meanwhile, the Reserve Bank of India (RBI) is working on a phased implementation of the Central Bank Digital Currency (CBDC), the finance ministry said. It was also announced that the country's central bank plans to pilot CBDC in 2022. The RBI has already proposed an amendment to the 1934 law to include digital currencies in the definition of banknotes.
Meanwhile, the crypto industry in India is gradually evolving. For example, Indian crypto exchange CoinDCX has planned an IPO.
CoinDCX will follow in the footsteps of Coinbase and become a public company as soon as Indian lawmakers give the green light to the digital asset initiative.
Neeraj Khandelwal (CoinDCX co-founder) broke the news in a recent interview with Bloomberg. He said the initiative will strengthen the local cryptocurrency industry and give more confidence to the markets:
As soon as the government or the situation allows us, we will try to do an IPO. This will give legitimacy to the industry in the same way that the Coinbase IPO has given more confidence to the crypto market. Similarly, we want to establish a high level of confidence with the CoinDCX IPO, said CoinDCX's CEO.
Also, Singapore-based exchange Coinstore has already planned to enter the cryptocurrency market in India.
The company has committed $20 million to set up three new offices in the Indian cities of Bangalore, Delhi and Mumbai.
Coinstore announced the launch of its web platform and mobile app for India with spot and futures trading capabilities, opening a new avenue of crypto investing for Indian citizens.
Citing Coinstore's goal to simplify crypto adoption and the trading experience, platform co-founder Jennifer Lu shared:
We're really excited to launch our app for Indian users to support them more.