Crypto has gone from being relatively unknown to being an essential part of the average investor’s portfolio, all in the span of half a decade. With exciting new concepts such as NFTs and the metaverse joining the Web3 sphere, the future of crypto has never been brighter. The broader blockchain ecosystem has evolved from just DeFi to P2E games, social platforms, communities, etc. The ongoing bear market is proof that as an economy, crypto is as healthy as the traditional stock market; and as the tech matures over the coming years, it is not improbable to imagine that crypto will be comparable to fiat currencies in terms of purchasing power in stores both virtual and physical. But how do things look in India, specifically?
Crypto And India
India has had a rocky relationship with crypto, with the RBI’s Deputy Governor stating that cryptocurrencies are akin to Ponzi schemes. Earlier this year, the Finance Bill 2022 was passed in the parliament, which introduced a flat tax of 30% on all profits on digital assets and a TDS of 1%. As India continues to develop its broadband capabilities, more people have started to recognize the value of crypto and have begun investing in them. This future growth is not as distant as it seems, and with time, education, and experience, India could very well pave the way for crypto adoption on a national scale.
The WazirX Journey
WazirX is fortunate to be one of the leading cryptocurrency exchange platforms based in India. It has been operational since 2018. The WazirX team has been campaigning relentlessly for positive regulations in India since its inception and is dedicated to educating the market about crypto and debunking common myths. For traders, WazirX introduced automated trading to encourage algo trading and increase their offerings of different tokens by listing coins from all kinds of projects. Minimal trading fees, an easy-to-use trading interface, and a passionate community set them apart from other crypto exchanges.
In short – it’s been a journey with a clear purpose, powered by a passion for the mass adoption every crypto enthusiast wants to see. And we’re not done yet.
Several major brands have either integrated the blockchain into their services or have started to accept cryptocurrency as a form of payment. A notable example is Microsoft, which has accepted Bitcoin since 2014 for products like XBox Live or Microsoft Apps. We’ve already seen how artists are making money via NFTs and e-commerce platforms adopting crypto as a payment option, but there are a lot more possibilities when it comes to using the blockchain across industries. The blockchain can be leveraged for logistics monitoring, medical data sharing, securing information, etc. Only time will tell whether businesses will adapt to the new decentralized model soon or whether they will struggle
with issues that are common with late adoption.
Future Trends In Money
Crypto’s value in our financial sector is an undeniable fact now. Its versatility as a store of value, utility, governance token, and speculative asset makes crypto alluring to the general public and widespread enough not to be a passing fad. Crypto will not replace fiat in its entirety, despite what some claim. Rather, crypto and fiat currencies are to exist side by side, each continuing to fulfill key market needs to create a more balanced and equitable financial landscape. Fiat’s stability and crypto’s decentralized nature are the primary arguments that are brought up in any debate around the future of money, and rightly so. A future where we can achieve financial stability along with relative independence from banks is a future where crypto and fiat exist together.
Nischal Shetty, CEO & Co-Founder, WazirX