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Binance- the investment platform is glad to crypto as multiple listed firms is missing out in India
May, 15 2021
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Binance is thankful for
crypto curbs as India is missing out on multiple $50-100B listed firms. The remark came amid ICICI Bank and other
main banks cutting off banking, along
with the payment gateway
services to crypto platforms in India.
In a talk with ET’s
Apoorva Mittal, Changpeng Zhao says that the absence of understanding among Indian regulators
and irregularity. They
are possibly taking away multiple
multi-billion-dollar companies from India.
The expert has tweeted on 07’May’21 for opening the investment platform.
What does it mean when banks
and payment gateways in India are blocking access for crypto exchanges?
It's just not an easy task to do. It may derive from fear or absence of
understanding of cryptocurrencies. Certain countries are aggressive for
innovation in the industry and others are resisting. The investing institutions who are battling it may defend some of their legacy
institutions for a short period. But they'll get ruined in the long term since of the
technological creation in industries like decentralized business.
Still, they are trying to make it easy for investors.
What are the implications to come along with the
innovations for making it client-friendly?
No matter what the
motive is if you cut off contact with new technology. You pointlessly slow down the expansion of that
technology in that region. For example, probably more than 50% of the
innovation in decentralised finance is approaching from the US right now as
they have very positive and strong regulations for cryptocurrencies.
How are the regulatory discrepancies in India
impacting the ecosystem?
People don’t know what
they don’t have. India is probably missing out on multiple $50-100 billion
listed companies as of the restrictive environment. In the US, over the
following five to 10 years, the
CEO said that “we're probably gonna see
at least a dozen companies appreciated at $100 billion-plus” (crypto exchange Coinbase was priced at $100
billion on its debut on Nasdaq).
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Vandana Mrigwani
CBW - External Analyst
INDIA
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