India’s cryptocurrency market has gingerly started to ramp up activity after the Supreme Court overturned a controversial ban in March that prohibited banks from dealing with exchanges.
And now, one of the country’s biggest crypto companies has a message for the nation: it’s open for business.
As part of a $1.3 million initiative that aims to introduce 50 million Indian consumers to digital assets, CoinDCX has launched a new platform called DCX Learn.
Users can access guides, articles, online courses, interactive lectures, and quizzes—and content is also available for those who have some background knowledge about crypto.
Beyond cryptocurrencies and blockchain, education about security will also be a focus to ensure consumers know how to trade safely and protect their assets from malicious actors.
CoinDCX CEO and co-founder Sumit Gupta said: “With DCX Learn, we want to arm users with the knowledge necessary to navigate crypto markets. As India’s largest exchange, we believe it is our duty to give people the tools needed to unlock the benefits of digital assets.”
‘India is bullish on crypto’
The exchange has enlisted a number of collaborators who will contribute content to DCX Learn.
Crypto Kanoon, an Indian website offering news and analysis on the industry, will be among those contributing material. Its co-founder Kashif Raza said: “At this stage of growth for the Indian crypto community, there is a need to provide potential users with better access to knowledge and toolsets to make their trading experience safe and productive.
“The launch of DCX Learn comes at a time when India is bullish on crypto—and with more resources and information available to Indian users, we are confident that the industry can achieve long-term, sustainable growth.”
CoinDCX recently received a strategic investment of $2.5 million from Coinbase Ventures and Polychain Capital.
Coinbase’s head of corporate development Shan Aggarwal noted how Bitcoin was born out of the 2008 financial crisis, and said the launch of DCX Learn is perfectly timed given the current economic crisis.
He added: “With most of the world currently in some form of lockdown and global capital markets witnessing record volatility due to the COVID-19 crisis, many people are looking to cryptocurrencies as both an alternative investment asset, and as a way to solve some of the challenges of traditional fiat currencies.”
A number of Indian exchanges were forced to close their doors after the government began pursuing plans to ban cryptocurrencies. Under the proposed measures, those caught buying or selling digital assets could have faced up to 10 years in jail, or a fine of up to $3.2 million.
Although those plans were never actually brought before parliament, the Reserve Bank of India did prohibit banks from offering their services to companies that transacted in cryptocurrencies, making it impossible for many businesses to operate. That ban was nullified in March 2020—and hours later, the exchanges left standing were already opening their doors to fiat deposits and withdrawals.
Unfortunately, this newfound optimism ran into a June 12 report from India’s Economic Times suggests “inter-ministerial consultations” are taking place about reviving the crypto ban—with long jail terms again under consideration—in response to the Supreme Court’s ruling. Among other impacts, some Indian banks remain slow to accept crypto clients, according to Cointelegraph.
However, that hostility and cautiousness doesn’t extend to blockchain, which has been embraced by banks and by government agencies.
Ripple, meanwhile, has taken a proactive approach, releasing a whitepaper proposing a regulatory framework for India’s cryptocurrency industry and its regulatory bodies.
Policymakers “should utilize the opportunity afforded by the Supreme Court verdict to follow the lead of other progressive regulators and enact a transparent, principles-based and proportionate regulatory framework for the digital asset ecosystem in India,” the cross-border payments firm proposed in a whitepaper last month.
It enumerated several changes that would benefit the industry, starting with establishing a legal vocabulary defining digital assets. Ripple also suggested modifying certain laws, opening a regulatory sandbox to crypto firms, and empowering the Securities & Exchange Board of India to “license, regulate and supervise digital asset exchanges, and the ‘overlaying’ digital asset service provider ecosystem.”
Disclosure: Modern Consensus founder Ken Kurson sits on the board of Ripple.