While India, which has imposed harsh sanctions against cryptocurrency exchanges in the past years and even closed some of them, has recently softened in this regard, the stock markets in the country state that they do not mind the decreases in Bitcoin price and general volumes. Exchanges have stated that they see this recession as an opportunity to improve their infrastructure before the next big crypto boom.
Cryptocurrency exchanges in India stated that the recent volume drops should not be too much of a problem. In the news in the India edition of Business Insider, it was stated that stock markets saw the latest declines as an opportunity to rally their infrastructure in preparation for the next ‘big bang’.
Asked for his views on the subject, Ashish Singhal, CEO of CoinSwitch Kuber, said:
“The current bear market offers us the opportunity to further strengthen security and provide training to create greater awareness of cryptocurrencies as asset classes.”
It was written in the news that major Indian exchanges such as CoinDCX and WazirX also agree with CoinSwitch.
India undecided on cryptocurrency exchange
As it is known, India, which has had a negative and harsh attitude towards crypto and digital assets for a long time, has recently softened in this sense. The coronavirus pandemic in the country with a population of 1 billion 300 million people, which also had serious economic difficulties, seriously damaged the financial situation.
Rakesh Jhunjhunwala, seen as India’s Warren Buffet and the 38th richest person in the world, also said in a statement last year that Bitcoin should be banned. Jhunjhunwala has a net worth of $3.2 billion.
Just last month, the crypto money boom in India exceeded $ 40 billion in 1 year.Share this article