El Salvador delivers major win for crypto. What next?

In a major push for cryptocurrency regulation, Central American country El Salvador became the first in the world to recognise Bitcoin as an official legal tender.
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In a major push for cryptocurrency regulation, Central American country El Salvador became the first in the world to recognise Bitcoin as an official legal tender. It also announced that people who invest in bitcoin in El Salvador will get citizenship of the country.

Avinash Shekhar, Co-CEO, ZebPay, a cryptocurrency exchange, said, “This is a historic moment. The code (bitcoin) Satoshi wrote is now a legal tender of a country. Bitcoin is the soundest asset and one of the biggest technological innovations the world has ever seen."

Meanwhile in India, in a move that was welcomed by the Indian cryptocurrency and blockchain industry, the Reserve Bank of India (RBI) issued a clarification last month on the use of conventional bank accounts in the trade of cryptocurrencies. 

The clarification from RBI came after many Indian banks continued to cite an earlier RBI circular banning banks from dealing in crypto, despite the Supreme Court’s March 2020 ruling lifting the cryptocurrency trading ban. This prompted the country’s apex bank to issue a clarification on the invalidity of the circular given the SC’s ruling.

Indeed, for the fast-growing cryptocurrency industry to realise its full potential in India, a clearly articulated regulatory framework governing crypto exchanges, startups, and assets in the country is crucial, say experts, including Rameesh Kailasam, CEO of IndiaTech.org - an industry body that was established by and represents India's consumer internet startups, unicorns, and investors.

He told YourStory, “India has regretted missing the bus in terms of hardware and semiconductor chip manufacturing and other technology innovation. We shouldn’t miss the bus with crypto and blockchain. The industry is fast-growing and it should be embraced with checks and balances in place.”

Indeed, India’s nascent blockchain ecosystem is fast-growing and has caught the attention of global investors. For example, serial startup investor and American reality TV host Mark Cuban recently invested in blockchain startup Polygon — Ethereum’s internet of blockchains.

The startup's MATIC tokens also entered the list of top 20 cryptocurrencies worldwide in market capitalisation, turning its co-founders into India’s first crypto billionaires.


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Before you go, stay inspired— with… 

"We shouldn’t miss the bus with crypto and blockchain. The industry is fast-growing and it should be embraced with checks and balances in place."

Rameesh Kailasam, CEO of IndiaTech.org


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Edited by Kanishk Singh

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