India recently imposed a string of taxes on crypto-transactions, but the industry looks positively on the near prospects of adopting blockchain. The finance minister Nirmala Sitharaman recently addressed the FICCI event and stated that the new few years will see a rise of blockchain adoption. The increase is estimated at around 46% as per the Minister.
Several states, like Telangana and Maharashtra, have deployed blockchain in record keeping, from property to healthcare. The sore point however turned out to be cryptocurrencies, which are currently forbidden for payment. Despite this, the NFT market in India has shown activity, as well as regular trading, so much so that the country ranks fourth in a global list of crypto adopters.
In terms of organizational support, two recently formed platforms are The India Blockchain Alliance (IBA) and the India Blockchain Forum.
World Retail Crypto Adoption
The retail prospects of cryptocurrencies were recently looked into by a report from Facts and Factors. Last year, retail presence of crypto was around$137.17 million, and is seen to grow into $3.27B by 2028. Payment via crypto is fast, easy, without any intermediaries, and even low-cost compared to online payment gateways or bank transfers.
Which players are currently leading in the retail crypto applications? Some new brands are Bitpay, Bitfury, Abra, Blockchain Foundry, and the older and established brands like Microsoft, Oracle and IBM.
New User-friendly Crypto Wallet
If crypto wallets are hard to handle and comprehend, a new human-readable wallet has been introduced by Estonia based Vanity Global. Users can customize their wallet address and recognized it based on a custom prefix. This happens on the user’s own device only, and thus remains private.
According to a view from an asset manager focused on blockchains, bitcoin and blockchain will rise based on their own logic. The company gave a comparison between DeFi and traditional finance – their worth is, respectively, $20 billion and $3 trillion.
Moscow Exchange May Adopt DP Receipts for Digital Assets
For traders, not knowing blockchain won’t be an issue if the proposal of Moscow Exchange goes through. In Russia, the Moscow Exchange has drafted a proposal to allow issue of receipts, called DFA receipts, for digital assets like cryptocurrencies. These receipts can then be traded like securities by those who are not familiar with blockchain.
In brief, the choice will be up to the market to decide – whether they want blockchain accounting or depository accounting. The Exchange is trying to obtain a license to operate as a digital asset exchange.
For example, a DP or depository will accept digital assets in their account on blockchain and issue receipts. The depositor can claim back the asset by returning the receipt when required.
What happened to ETHW?
The rebel fork after Ethereum Merge created a new coin, and ETHW went to reach $60.68 in a day after the Merge. However, the token has lost over 60% of its value, and is currently trading at around $11.
Check out ETHW price: https://www.coingecko.com/en/coins/ethereumpow
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