India readies for the launch of its first ETF futures on cryptocurrency. PayBito chief, Raj Chowdhury, sounds hopeful at the prospects
Blockchain pioneer, entrepreneur, and PayBito chief, Raj Chowdhury looks at the positives as India gears for the launch of its first futures ETFs on Bitcoin and Ethereum.
Since the news hit the headlines in mid-January, the internet has been exploding with prospective Indian investors querying its availability in the country. Several discussion platforms are regularly flooded with quizzes. “The hype and the excitement surrounding futures ETFs indicate how welcoming the crowd is towards the crypto elements,” remarked Chowdhury.
“The ETF futures should allow investors to experiment in the crypto sphere without staking their capital or assets.”
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The young Indian population is keen on crypto-assets and their ETF futures. They are cognizant of the risks and benefits that may be derived from them.
“Indian investors perceive crypto as a means of financial liberation. Although they wouldn’t place their fortune in it, they wouldn’t want to stay out of it either. And this is the right approach.”
As for the Indian Government’s stance of conscious avoidance of either legalizing or banning crypto, Chowdhury is confident that the phase of ‘absolute mistrust’ is waning. The imposition of taxes on crypto-earning shows that the government is all for regulation rather than an outright ban. “The advent of futures on ETFs for the first time outside of the US obviously means that the stark hostility on the part of the government is a thing of the past,” added Chowdhury. “It only goes forward from here.”
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The cryptocurrency exchange solution provided by Chowdhury-led PayBito finds use with institutional investors worldwide. The global crypto exchange has announced the listing of 23 new coins at the beginning of the year 2022. PayBito has declared its preparedness for hosting IEO for at least three Defi Products within the first quarter of the financial year 2022.
Chowdhury has previously voiced his thoughts on the need for a decentralized marketplace for NFTs.
In general Indian markets are conducive to allowing crypto assets and decentralized products to flourish. The favorable response from Indian entrepreneurs and startup aspirants is encouraging for the global crypto industry.
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