Will India Become a Crypto Hub in the Next Decade?

Will India Become a Crypto Hub in the Next Decade?

This question made everyone think if India will become the next crypto hub in the coming decade after India’s Finance Minister Nirmala Sitharaman announced the country’s digital currency launch on February 1; during Union Budget 2022-23

Currently, India is ranked second in a poll of the countries who are enthusiastic about using crypto the most; with more than 9% of respondents claiming to have traded in cryptocurrency.

Following the Supreme Court’s decision to overturn the Reserve Bank of India’s restriction on cryptocurrency transactions, traders and investors increased dramatically.

Experts Predict That India Will Become A Crypto Hub. Let’s Look At The Insights

In recent years, some predicted that India could emerge as a main hub or epicenter for crypto users and businesses. Cryptocurrencies are viewed as a growing asset by market traders because they are an intangible; digital currency that uses a highly subtle type of encryption to secure and validate transactions. 

According to Vikas Ahuja, CEO of CrossTower India; Budget 2022 explain that the Government of India does not treat cryptocurrencies as a foreign currency but rather as a digital asset. The government will deal with cryptocurrency as an investment.

“Blockchain technology will create a robust economy in the long run for India and with the right infrastructure in place, the country will be able to become a global financial technology leader; he stated.

Vikas Ahuja, CEO of CrossTower

Furthermore, “the positive move by the regulators will legalize the billions of dollars invested by Indians in crypto assets and create a new tax revenue stream for the government,” stated Shivam Thakral, CEO of BuyUcoin.

Shivam Thakral, BuyUcoin CEO

According to Startup India, India is the third-largest startup economy in the world, with over 50,000 firms. Nearly 20% of those had been know-how startups. 

Indian Market is booming for The NFT Industry – MF Husain Coming In The NFT Martketplace

Maqbool Fida Husain, an Indian artist noted for creating bright; vibrantly colored narrative paintings in a modified Cubist style; has unquestionably been one of the most important characters of the twentieth and twenty-first centuries. 

He was known as ‘The Barefoot Picasso;’ He received national honors such as the Padma Bhushan (1973) and the Padma Vibhushan (1991). One of his famous paintings, “Bharatmata” or “Mother India”; featured a brilliant red naked lady magnified into the form of the Indian subcontinent. 

Polygon, Hungama and Hefty Art; as the official owner of MF Husain’s intellectual property rights, will shortly reveal its first NFT of the artist’s art piece – Fury. This much-anticipated auction of true-blue collectibles would set in motion a sequence of drops/collectibles by world-renowned artists who would appear in The Hefty Art Metaverse. 

The collaboration with the Estate of MF Husain fits well with Hefty Art’s objective of increasing user interaction as they acquire some of the most expensive artworks from renowned worldwide artists.

“My father, in his enduring and prolific career, had a pulse on innovation and what was to come next. As an artist, I am pleased and looking forward to introducing my father’s iconic artworks in a new avatar via NFTs on Hefty Art. Through the sweeping breadth of his paintbrush; Husain changed the face of modern art in India, thus taking his place in history. Noticeably; I believe this move will have a similar effect as it positions itself to play an essential role in the transformation of art markets worldwide.”

Owais Husain – Representative, Estate of MF Husain stated regarding the collaboration.

Following the recent announcement of Hefty Entertainment’s collaboration with T-Series; Hefty Art is another vertical under the Hefty Metaverse that is ready to determine the future of entertainment. 

We know that the non-fungible token (NFT) is a revolutionary technology that is still in its early stages of development; although large organizations and brands have expressed interest. NFTs have a long way to go before becoming popularly used, and it has grown gradually which is unavoidable. 

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