Indian Crypto Market Gets First Rupee-Based Index Despite Uncertain Regulations


CoinSwitch Kuber, one of India’s two crypto unicorns, has launched the Crypto Rupee Index (CRE8) as part of India’s first benchmark index.

As per the exchange release shared with Be[In]Crypto, the index will measure the performance of the crypto market in the Indian rupee (INR).

Track live crypto price of 10000+ coins!


But, CRE8 will track the performance of only eight major virtual assets for now, which constitute over 85% of the total capitalization of the Indian crypto market on the CoinSwitch app, the release noted. The assets include BTC, ETH, BNB, XRP, ADA, SOL, DOT, and DOGE.

Source: Exchange

Ashish Singhal, Co-founder and CEO of CoinSwitch stated, “The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions,”

That said, the launch comes at a time when the crypto industry in India awaits legislative certainty for the sector. Meanwhile, weak market conditions persist as the global cryptocurrency market cap remains under $1.3 trillion at the time of writing.

RBI predicts upcoming CBDC will replace private crypto

Deputy Governor of Reserve Bank of India (RBI) T Rabi Sankar recently predicted that the central bank digital currencies (CBDCs) could ‘kill’ private crypto.

The Economic Times cited Sankar remarking at an IMF conference, “We believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies,”

Related:  Wells Fargo, digital assets are an "innovation on par with the internet, cars, and electricity"

Recently, the economic affairs secretary Ajay Seth had revealed that the Indian government has concluded its consultation paper on cryptocurrency. But before the government could even unveil the paper, the country’s central bank hinted that it is unlikely to change its negative stance on virtual digital assets (VDA).

However, the industry has made it clear that CBDC will not replace VDA in the local report. Instead, most of the players believe that the two will complement each other.

Vikram Subburaj, CEO of Giottus told the daily, “A blockchain-based payment system with sovereign backing is unlikely to be a challenger for cryptocurrencies in general.”

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: