Union budget 2023: Enabling crypto to join the adult table

timesofindia.indiatimes.com:

By Aditya Singh, co-founder, Crypto India Compared to the 200+ years of the stock market, crypto assets are still in their infancy, beginning their journey with the invention of bitcoin in 2009. It has captured the psyche of most adults on the planet. But within its short stint, during the all time high of bitcoin at appx.

$68,000, the crypto industry grew into a two trillion dollar industry, piquing the interest globally and close at home in India. Ye Dil Maange More... Though it is a new vertical in the finance and technology industry, the crypto-assets industry has seen mass adoption.

Most financial gurus consider it one of the mainstays of a diverse portfolio. It is becoming increasingly popular amongst the youth not for the highly volatile returns but for the freedom it offers. Crypto assets offer the freedom to store one's wealth how one sees fit, to work from wherever one wants, and to make decisions to preserve one's wealth.

More than just an easy way to make money A recent NASSCOM study indicates that India has 11% of global web3 talent, the fastest growing in any country, with 450+ startups founded in Q1 of 2022. It received international funding of $1.3 trillion in the last two years, as well as India boasts four web3 unicorns. It is estimated that web3 will add $1.1 trillion dollars to the Indian GDP by 2032.

When discussing crypto, the general consensus is a mix of confusion and high-return assets. But many also need to focus on the fact that the web3 industry offers significant workforce employment. A case of two steps forward and one step back! The current Indian crypto market continues to be highly unregulated, and the central government and the Reserve Bank Of India have repeatedly refused to make crypto