Can India be next hub for cryptos, NFTs? Here's what experts say

economictimes.indiatimes.com:

crypto assets in the Union Budget has boosted the morale of the crypto industry, particularly the new players or startups. In the light of recent developments at home and across the globe, there are voices that India is poised to emerge as a global hub for crypto players and enterprises. Market participants believe that cryptos can be viewed as an emerging asset because it is an intangible, digital currency that uses a highly sophisticated type of encryption to secure and verify transactions.

Did you Know?

Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

Budget 2022 clarifies that the Government of India does not treat cryptocurrency as a currency but as a virtual digital asset, said Vikas Ahuja, CEO of CrossTower India. he Government will treat cryptos as investments. «Blockchain technology will create a robust economy in the long run for India and with the right infrastructure in place, the country will be able to become a global financial technology leader,» he added. Undoubtedly, India is honing its extremely entrepreneurial skill, with a large population of technology-driven young minds and a growing startup culture. Even Prime Minister Narendra Modi has acknowledged the same a few times On the contrary, Ishan Arora, Partner, Tykhe Block ventures believes that the tax is still quite high for it to be a destination for global crypto companies. «However, it makes things much clearer for Indian crypto projects that are building in India and also looking for strategic investors in the space,» he said. «This is a step in the right direction»