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Indian investors cannot reap the benefits from bitcoin and dogecoin

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Vandana Mrigwani Follow


May, 15 2021

May, 15 2021

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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.

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Vandana Mrigwani

CBW - External Analyst


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