Until recently, India’s crypto industry had much reason for optimism. In March, the country’s Supreme Court overturned a ban on banks working with exchanges, clearing a major hurdle. Then the coronavirus pandemic seemed to improve the business case for digital currency, with several exchanges reporting steep growth in users.
Now, uncertainty is back. The government may be about to crypto altogether, according to media reports, and India’s central bank has been unhelpfully unclear about its guidelines for commercial banks. There are dozens of unanswered questions, and startups are back to asking, ”What’s next?”
The uncertainty is hard for crypto businesses such as the Sequoia-backed crypto exchange CoinSwitch. It launched an app on June 1 called CoinSwitch Kuber, and has signed up more than 100,000 users so far, CEO Ashish Singhal says. It is so simple to use, he says, that his 65-year-old mother is able to buy and sell and check her portfolio.