India’s New found Openness about Crypto eco-system, A Good Signal for its Future Digital Economy
New Delhi : Recent lifting of ban on cryptocurrency trading by the Supreme Court, followed by statements from India’s Finance Minister about this new digital age marvel with open mindedness augurs extremely well for India’s next level of digital leap and digital leadership.
India has a few key advantages that has the potential to make it a global leader in new age fintech services, bitcoin mining and crypto currency trading, said Daly Young Chief Product Officer of Bingbon, a leading crypto trading platform that empowers retail traders to use crypto derivative contracts. Bingbon, based out of Singapore, covers not only digital assets but also other financial instruments, such as FOREX, indices, and commodities.
Welcoming the recent development in India, Mr Daly Young said that the country needs to look ahead and take advantage of its huge foundational strength in order to reap the benefits of the next wave of digital technologies.
“India has already developed a strong base in innovative next-generation blockchain and distributed ledger technologies, and this coupled with its huge pool of mathematical talent will help propel India into a global leadership position in this space,” said Mr. Daly Young.
Mr. Daly Young supported the need to create a sound regulatory framework so that credible crypto exchanges can effectively operate and provide secure platforms to people who are interested in trading and investing in cryptocurrencies. Such a framework will create greater trust and script a new chapter in India’s digital march.
A robust crypto eco-system will bring down economic and financial transaction cost, help faster digital adoption and create new employment opportunities.
