India, one of the leading countries, is looking forward to taking action towards the growing trend of cryptocurrencies all across the globe. It is all because the government believed that the increase in cryptocurrency transactions would be a problem for the financial system.
Also, people are not interested in investing their money in the bonds issued by the government, but rather than doing this; they invest in cryptocurrency. Therefore, the government also lacks funds and the financial system is also interrupted. Therefore, the government is to launch a bill for restrictions on the movement of all cryptocurrencies in the country.
However, some cryptocurrencies will be spared so that the technology can remain in the country and the government can use it for the better of people.
In August 2021, the cryptocurrency exchange coin DCX stood at a value of over $1.1 billion and raised a net amount of $90 million with the support of Facebook co-founder. However, due to the increasing trend of digital assets in the country, the government is looking forward to making the coin DCX a public cryptocurrency Unicon. It is the statement given by an authorized member of India, and hence, there are chances that it is not a rumour anymore.
Khandelwal said that coin DCXIPO is one of the most popular digital assets in the country. Therefore, It is expected to increase the economy of the country to a large extent. Also, several other things played a crucial role in favour of coin DCX, which makes it a favourable coin.
The recent event carried on by the coin DCX cryptocurrency exchange raised a net value of $90 million. Facebook co-founder led the funding, and some of the vast investors from the country also invested money in it. These investors also include the capital, Jb capital, block. One and many more. Khandelwal reported that the company is deciding on the IPO timeline according to the government regulations.
Also, as the government is looking forward to Releasing a cryptocurrency regulation bill this month, it is waiting for the same. According to Khandelwal, the government is looking forward to increasing the involvement of people in cryptocurrencies but not with private ones.
After the bill is released, the company will learn about the rules and regulations imposed by the government. Therefore, it can work towards making a better IPO available for the public including those buying bitcoin on this page.
The bill that the Indian government is set to roll out is the cryptocurrency and regulation of official digital currency Bill 2021, and it will be released in the winter session of Parliament. The winter session has started, and still, the details about the bill or not been disclosed. The primary purpose of releasing this bill is to ban all the private cryptocurrencies in the country.
Also, the country is looking forward to allowing some cryptocurrencies to still work in India so that the underlying technology can remain and be used as a base for development. Therefore, it has decided to keep some cryptocurrencies like bitcoin working in the country so that the official currency, which the government is looking forward to releasing, can work properly. The government is also willing to release its digital currency issued by the reserve bank of India and regulated by the same.
Every cryptocurrency exchange cannot survive just by allowing retail investors to work on it. However, this is the same case with coin DCX. It is an exchange where people can invest money and provides services like trading and lending. Therefore, it works for retail investors as well as enterprise customers.
Apart from this, traders and global trading platforms also have a tie-up with coin DCX. It also works as a blockchain academy for education to those who do not know cryptocurrency trading.
However, coin DCX is not the only cryptocurrency exchange that is outperforming its expectations. Some other cryptocurrency exchanges are also popular in India, and one among such exchanges coin switch Kuber. Recently, this cryptocurrency exchange rate was over $260 million. The funding was led by famous investors like the Coinbase venture and the Andreessen Horowitz, valued at $1.9 billion.
Some other small investors also took part in the fundraiser, and it was a very successful venture for the company. It allowed the company to increase its net worth, and now it is one of the most popular cryptocurrency exchanges in India.