Market Update: India Wants Crypto
The Reserve Bank of India gave a positive signal for future crypto regulation, while BTC sits at $36,689 (+1.3%), KLV $0.06172 (+0,34%), ETH $2,592 (+5.2%) & $0.0749 (+2.7%).
In a new memo released on May 31, the Reserve Bank of India (RBI) clarified that Bitcoin and crypto exchanges are not banned in the country, potentially opening up for more regulatory clarity around crypto in the coming months.
The statement comes in response to reports that the State Bank of India and HDFC Bank had warned customers of transacting and trading in cryptocurrencies.
The RBI attempted to ban crypto trading throughout India in 2018, but the ban was officially overruled by the Supreme Court of India in March 2020.
The developments underscore the current uncertain regulatory climate surrounding Bitcoin and cryptocurrencies in India, a country where an estimated 200 million people are unbanked according to the World Bank.
This staggering number puts India second only to China in the worldwide ranking when it comes to citizens without a bank account, or who are considered to be outside the legacy financial sector.
#IndiaWantsCrypto is a popular hashtag among Indian crypto enthusiasts, but the call for a new financial system in India is deeper than just a hashtag.
Following the May 31 memo released by RBI, there is growing optimism surrounding possibile positive regulation as the government is reportedly planning to introduce a bill in the Indian parliament that would come with more regulatory clarity for crypto.
Bitcoin and cryptocurrencies would reduce bureaucracy, democratize finance, introduce lower transaction fees, and enable hundreds of millions of unbanked Indians to access financial tools previously unthinkable to them or their families.
India might want crypto, but more importantly, Indians deserve crypto as a human right for financial freedom.
Harish Kumar, Klever’s Customer Support Agent in India, has this to say about the current situation around Indian crypto regulation:
Nirmala Sitharaman, India's finance minister herself, has said in the latest budget speech that the country needs to take a “calibrated approach" at cryptocurrencies.
The one major thing that has happened in the recent past is that the government has shifted from looking at cryptocurrencies as a currency, to cryptocurrencies as a digital asset – and we believe that this is the right way to look at it.
India already has over an estimated 150 million users in the cryptocurrency space, and the sector is already valued at over $2 billion .Given the value that it represents, and its potential for growth, a ban seems to be unlikely since it would simply disrupt the growth pace.
Instead, the government must take a carefully regulated approach to this sector, which would help it grow, contribute significantly to India's GDP, and also establish more trust from mainstream users to invest in cryptocurrencies. - Harish Kumar, Klever Customer Support Agent, Bengaluru, India
Whichever way you look at it, the Reserve Bank of India has through their position given an opening and positive signal for future crypto regulation in India, a step that would be in the right direction and that could kick-start one of the largest financial transformation projects in the history of man. Thanks to the liberating power of Bitcoin and crypto.
Klever (KLV) is currently trading at KLV $0.06172 (+0,34% in 24h), at time of writing, and 0.00000167 BTC (-2.8%).
Klever CTO Bruno Campos published the second in a series of Technical Development Progress Reports on May 28 where he dove deeper into Klever’s #DevSecOps squad and gave an insight to our community on what more the Klever tech team is building, optimizing and launching.
“The Klever tech team kept a great performance and high productivity throughout all squads and products over the past week. But today, I will talk a little bit deeper about one of the most crucial squads and teams in Klever and new to this progress report: #DevSecOps.” - Bruno Campos, CTO at Klever
Read the full report here:
2nd Technical Development Progress Report, by Klever CTO Bruno Campos
On May 31, crypto data aggregator @CrytpoDiffer published a list of the Top 15 Gainers of 2021 so far among all major cryptocurrencies worldwide, on which Klever (KLV) was a part of with 1,375% gains Year to date (YTD).
Despite the recent marketwide crypto dip that has affected the entire Bitcoin and crypto sphere, perspectives are best given when you zoom out. Hence the expression, when in doubt, zoom out. KLV is standing strong in these market conditions as one of the Top 15 Gainers this year, because the global KLV community clearly see the Klever ecosystem evolve at a rapid speed and in a transparent way in close coordination with the Klever Team. Powerful combination.
KLV: $0.06172 (+0,34%) in 24, 0.00000167 BTC (-2.8%)
KFI: $259.56 (-7.22%)
BTC: $36,689.43 (+1.3%)
ETH: $2,592.56 (+5.2%)
TRX: $0.0749 (+2.7%)
BNB: $341.68 (+3.3%)
LTC: $181.93 (+3.5%)
XRP: $0.9828 (+9.0%)
DOGE: $0.3125 (+1.6%)
DASH: $186.52 (-1.7%)
BCH: $691.69 (+2.6%)
Swap all these cryptocurrencies at the push of a button in Klever Swap, with over 280 direct trading pairs.
You can also purchase the following cryptos inside Klever App in what is the market’s safest and fastest way to buy crypto with Apple Pay, Credit Card or Debit Card: BTC, KLV, ETH, XRP, TRX, BNB, USDT, USDC & CEL.
KLV is currently trading at:
Director of Communications at Klever