The Indian government has taken a cautious approach to the burgeoning cryptocurrency industry. The administration is still working on the much-anticipated cryptocurrency bill. On the other hand, the nation’s digital asset exchanges seek to make it more accessible to the general public. As part of this endeavour, CoinSwitch has introduced the Crypto Rupee Index (CRE8) for users.
CRE8 Will Keep Track of the Top Eight Cryptocurrencies
The largest crypto investing app in India has created an index that will track the crypto market performance based on the Rupee. The program will first monitor Bitcoin (BTC), Ethereum (ETH), Binance Coin (BN), Ripple (XRP), and four other key crypto tokens. These digital assets account for over 85% of the total market capitalization. The index will display real-time trade data from approximately 18 million users of the app.
Indian investors have been relying on international indices based on the US dollar, according to Ashish Singhal, co-founder of Coinswitch, in a Twitter thread. These statistics, however, do not reflect the actual state of the Indian crypto industry. He said they are missing the accurate supply and demand dynamics of the growing Indian investment base. CRE8 will make every effort to rectify the situation.
India Still Waiting for a Crypto Bill
According to Singhal, the index would keep customers better informed, allowing them to make better financial decisions. He stated that this demonstrates their long-term commitment to bringing clarity to the cryptocurrency sector. CRE8 will be rebalanced every quarter to keep up with the international market.
It was previously reported that the Indian government is close to releasing a consultation paper on cryptocurrency. The authorities discussed it with the World Bank and the International Monetary Fund (IMF). However, it is unclear whether the recommendation will impact the country’s crypto legislation. The Indian parliament is expected to introduce a bill concerning digital assets soon.
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