Cryptocurrencies continue to rise; experts discuss dos and don'ts of investing

© Provided by CNBCTV18 Cryptocurrencies continue to rise; experts discuss dos and don’ts of investing

There is no denying of the robust interest India has for crypto-assets, despite the government’s efforts to reign it. Demand and popularity for cryptocurrencies has grown steadily in India soon after RBI lifted the ban in March 2020.

Multiple domestic cryptocurrency exchange platforms and trade markets have come-up since. Besides, many international crypto-exchanges have also set up shop in India.

Governments across the world are trying to comprehend the implications of virtual currencies to ascertain regulations surrounding them. Even as some countries have banned or restricted bitcoin and related crypto instruments, others have explicitly allowed its use and trade. However, most are still grappling with regulatory protection for cryptocurrency investors.

India is yet to come up with formal regulations for trading cryptocurrencies and key questions on trading in the currency continue. CNCB-TV18 got in conversation with Cyber Saathi founder S Nappinai, CMO of ZebPay Vikram Rangala and co-founder and CEO of Bitex Monark Modi to find out how India is riding the global wave, how many exchanges does India have, how should an investor choose the right exchange and what are the pre-requisites of investing in cryptocurrencies.

Nappinai, a Supreme Court Advocate, said that the government must take a position if crypto can be a digital asset. He added that the only possible way for cryptocurrencies to appreciate is through trading.

Next, Rangala said that investors need to choose an exchange that does proper KYC. He added that exchanges need to declare how they will ensure security of details.

Modi of Bitex spoke about how one can invest in cryptocurrency.

To know more, watch the video.

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