India Hosts Crypto Exchange, Bitget’s First Meet in Delhi
Byline: Hannah Parker
To further its efforts to enhance trust and cryptocurrency awareness in the region, the top cryptocurrency exchange Bitget has announced plans to host its first-ever offline event in India.
Why is the meeting with Bitget in India hitting the headlines, and what does this mean for crypto in India?
Who is Bitget?
Crypto exchange Bitget is a digital asset trading platform that allows investors to buy, sell, and trade many cryptocurrencies. Bitget was founded in 2018 and is headquartered in Singapore, with additional offices in China and South Korea. The platform supports a variety of trading pairs, including BTC/USDT, ETH/USDT, and many other popular cryptocurrencies.
Bitget provides customers with several tools to manage their assets and portfolios by offering a range of advanced trading features, such as margin trading, futures trading, and options trading. Web3 enthusiasts at https://bitcoineer.de/ remarked that the platform provides a user-friendly interface, multilingual assistance, and round-the-clock customer service after conducting in-house testing.
Bitget actively engages in blockchain technology development and research in addition to its trading platform. The company introduced its token, BFT, which can be used for trading fee reductions and other perks on the platform, and has partnered with several blockchain projects and business organisations.
Overall, Bitget is a well-known and trustworthy cryptocurrency exchange that provides investors and traders with various trading tools and services.
Since Bitget’s debut in India, the market’s trading volumes for digital assets have increased by more than 200% on the exchange. It is ranked among the top derivatives exchanges, moving from position #20 to #5 on Coingecko, and has seen a 500% increase in trading volume worldwide (from $600 million to $5 billion).
On February 18, 2023, Bitget will hold an offline event in Delhi, the capital of India, to help fulfil this rising need for cryptocurrencies.
What is India’s Stance on Crypto?
The Reserve Bank of India (RBI) has previously voiced concerns about the dangers that cryptocurrencies, including the possibility of money laundering, the financing of terrorism, and other illegal activity, could pose. The RBI barred banks from working with cryptocurrency exchanges and traders in 2018, making it more challenging for people and businesses to acquire cryptocurrency-related services.
However, recent years have seen encouraging changes in India’s cryptocurrency market. In March 2020, the Supreme Court of India overturned the RBI’s restriction on cryptocurrency in banking, which was viewed as a significant victory for the nation’s crypto market. Following the ruling, there has been a rise in cryptocurrency trading activity in India and a growing interest in the potential uses of blockchain technology in various sectors.
Ajay Seth, India’s secretary of economic affairs, disclosed the government’s plans to enact crypto legislation in a press conference on February 4, 2023.
Nirmala Sitharaman, India’s finance minister, did not mention any reforms or policies relating to cryptocurrencies and virtual digital assets in her recent budget speech for the fiscal year 2023–24. However, due to its rising popularity, the 2023 Economic Survey emphasised the necessity for a coordinated approach to regulating the cryptocurrency market.
Shaktikanta Das, Governor of the Reserve Bank of India (RBI), has campaigned for a ban on cryptocurrencies and urged for regulation to forbid their usage on numerous occasions. He has expressed concern that if cryptocurrency is legalised, the RBI may be unable to monitor transactions.
The Finance Minister said creating a worldwide standard operating procedure for crypto regulation in her next meeting at the G20 in a post-budget interview with the Network18 Group last week is critical.
According to Sitharaman, the aim is to create a global standard operating procedure for crypto regulation while granting the central bank the power to issue digital currencies.
Developing Countries and Crypto Adoption
First, cryptocurrencies offer an alternative to regular banking systems for conducting financial transactions, which can be especially useful for those who do not have access to those services.
Second, cryptocurrencies provide a decentralised and safe means of conducting transactions, which can be especially helpful in nations with shaky or unstable financial institutions.
Thirdly, investing in and trading cryptocurrencies offers chances for prospective profit-making for both people and companies in a much more accessible way.
It’s important to remember that there are obstacles to adopting cryptocurrencies in poorer nations. Investors and traders may risk losing money due to unclear legal frameworks and the volatility of the cryptocurrency markets. Additionally, governments and established financial institutions may oppose using cryptocurrencies because they threaten the operations of traditional financial bodies.
While there are apparent advantages to cryptocurrency adoption in developing nations, there are also possible risks and difficulties that need to be considered. It will be interesting to see how developing nations balance the potential advantages of cryptocurrencies with the necessity for regulation and monitoring as the technological and legislative landscape continues to change.
According Bitcoin Apex, the introduction of Bitget in India reflects the nation’s expanding significance as a centre for blockchain and cryptocurrencies. Due to its sizable and expanding population and fast-evolving digital infrastructure, India is a desirable market for blockchain firms and cryptocurrency exchanges.
Events like Bitget’s crypto meet can foster innovation, teamwork, and industry growth as India continues to develop its legislative environment for cryptocurrencies. The gathering allows essential figures in the cryptocurrency ecosystem to interact, share ideas, and work toward a unified vision for the sector’s future.
