The situation in India’s cryptocurrencies, whether agreed or not, has been completely confused these days.The country was ranked second in cryptocurrency adoption by more than 15 million active crypto traders last year, while Polygon co-founder and Indian-based entrepreneur Sandeep Nailwal recently Emphasizing “brain drain” in India’s crypto sector.. He also mentioned the lack of proper regulation and infrastructure for national crypto and digital assets, and how sector improvements could make India a global crypto hub in the future.
India suffers from crypto brain drain: polygon co-founder
In a recent interview with Scott Melker on the “Wolf of All Streets” podcast, Sandeep Nailwal found the importance of layer 2 blockchain in the market and crypto companies like his own Polygon, formerly known as the Matic network. I explained how you are pivoting to Dubai. Headquarters set up.
Nailwal mentioned how he and Ethereum co-founder Vitalik Buterin donated millions of dollars in cryptocurrencies to help India during the second wave of the COVID-19 pandemic. In this conversation Polygon co-founder emphasized how difficult it is to send cryptocurrencies in IndiaCiting national government regulations and crypto-based fraud.
For those who wonder, Nailwal’s Polygon is not an Indian-based startup and has no headquarters in India.In fact, the current report suggests that: The best crypto-based companies are looking to Dubai to launch their businessesIndia is one of the largest cryptocurrency adopters in the country, but cryptocurrencies such as Dogecoin and Shiba Inu are the most popular.
However, the Government of India is quite confused about the domestic crypto sector. We recently saw the government impose a 30% tax on cryptocurrency income and digital assets, further ruining India’s cryptocurrency finances.
In addition, citing India’s current crypto brain drain and the fact that Dubai is becoming a global crypto hub, governments need to take the necessary steps to encourage the adoption of cryptocurrencies in the country. I have. We have launched a new digital currency called the “Digital Rupee”, but the regulations surrounding the cryptocurrency sector still need significant improvements.So, with these efforts, the government India can be a global crypto hub for businesses And it will take the country’s economy to the next level and move forward.
So what do you think of India’s current cryptocurrency situation? Is the Government of India doing enough to boost the country’s cryptocurrency? Please let us know your thoughts in the comments below.