Indian investors cannot reap the benefits from bitcoin and dogecoin


Numerous investors and
market experts are assisting cryptocurrency to revolutionize the future of
payments. Both Bitcoin and Dogecoin have developed domestic names. Dogecoin has
by now gone over 1000 percent revenues this month. It has found backers in
celebrities, billionaires, and athletes.
Tesla CEO Elon Musk and
Dallas Mavericks proprietor Mark Cuban is certain that cryptocurrencies are
here to halt. Rapper Snoop Dogg shot on the Dogecoin bandwagon along with Kiss
singer Gene Simmons and restaurateur Guy Fieri.
India worries and concern talks:
Both the digital
currencies have also selected up in India but shareholders are being let down
by trading platforms that appear unequipped. Lack of proper infrastructure,
incapability to handle more traffic and unpredictable tie-ups with banking
partners have left investors concerned.
WazirX, which is India’s
major crypto trading platform, fell last week as Dogecoin moved an all-time
high of Rs 48. Numerous investors took to group media to criticize that they
were not able to whole transactions. And
might lose out on potential
profits. Various others were not able to enhance money to the wallet and were
similarly annoyed.
The issues are not partial
to WazirX. Additionally, this trading platform went all out with its great popularity. Coin switch Kuber has
stopped INR transactions entirely. This means users are not able to trade in
the Indian rupee. This relates to both UPI and net banking transactions.
“Due to
some unavoidable issues at our banking partner’s side, we have currently
disabled all INR deposits. We regret the inconvenience caused because of this
and our team is looking at fixing this on priority. We will update here as soon
as we enable the INR deposits again,” Nischal Shetty, Company CEO had tweeted on
April 21.
In one more tweet
towards the end of April, the platform had believed that it is yet to allow the
transactions, and it is working to qualify them. The transactions haven’t
happened yet.
Prospect opportunities:
Again, the involved
investors are lost out for future trading opportunities. Most platforms have
imperfect tokens or cryptocurrencies recorded on them. It also restricts the opportunities for investors.
Then, there are other
matters as well. OTP authentication is revolving out to be a big pain
for investors as well. Several can get past these hurdles and essentially buy
crypto but, some orders are not implemented.
While it is reasonable
that the crypto industry is static trying to find its bases in the country. The present infrastructure is letting investors down
severely. A number of these issues are very simple and need to be talked about
as early as possible. If the crypto ecosystem has to produce.

Vandana Mrigwani
CBW - External Analyst
INDIA