Joseph Young, the crypto analyst and enthusiast states that there is a great underlying potential in India to cater for a magnificent crypto marketplace but the sad side of the story is that overregulation is killing it altogether. India as per the recent statistics by World Bank is the leading recipient of remittances which are worth $80 billion. India has kept the title before too and is defending with all the might and grace. This leads to the fact that as the financial records are sturdy all over India there must viable potential in the country’s financial condition to support a massive crypto marketplace. The higher authorities have quite a hand over the operations and there overregulation has led to the potential crypto market to stay just a beautiful thought. BlockPublisher took the remarks from Young about the potential crypto market being established in India for the ones who have bank accounts internationally and face withdrawal and transaction problems.
India, being the leading recipient of the world remittances must have a crypto market, but the thing is the overregulation is killing the market burying the potential in India to emerge out more prosperous in the dept. India is the world’s biggest remittance market and cross-border transactions can be very difficult for expats w/out banking accounts in some regions. It is a shame!
Young’s statement does hold water in all the aspects as India is the owner of such a massive accolade and bears all the potential to support a massive crypto market. The incumbent authorities have always viewed cryptos with a soar eye which is a rather bad thing. It is true that cryptos have to cut themselves a nice reputation in front of the authorities but there are some dark aspects to that as well. Young says that it is impossible to buy or sell crypto in India but there are some crypto-loving folks there who are working in order to provide the cryptos the status of being regularized.
The crisis remains the same as the agent which has been burying India’s potential is Overregulation. The government intends to keep a blunt hold over the finance all over India and does want any power from them to be ripped away. This is critical time for the crypto lover all over India as bearing all the resources that make up a decently operating crypto market, the feat could not be pulled off if the situation stays intact.