As India’s stance on crypto remains uncertain, country’s economy projects strength

Last month Coinbase initiated a move to clarify reports suggesting it was discontinuing services for its Indian users. Reports from TechCrunch, one of the world’s leading technology publications, had claimed that all services would cease by September 25, prompting some Indian users to withdraw their funds.

The enterprise Coinbase launched in India on April of last year. However, due to regulatory pressures, it halted payment services through the United Payments Interface, that same month, for Indian users.

This led to Indian users only being able to trade existing crypto assets through peer-to-peer (P2P) trading, and additionally they can only withdraw existing crypto assets from their accounts.

Despite uncertainty in crypto, India’s economy continues to project strength on the global stage.

Ashish Chauhan, CEO of the National Stock Exchange of India (NSE), today spoke to an audience about the economic outlook for the world’s most populous country.

Chauchan, who is head of the Indian stock exchange, said on India’s economic outlook that despite India’s “GDP per capita income being $2,600” India is the “fourth largest market capitalized country” behind US, China and Japan. 

Rajive Kaul, Past President of the CII, Ashish Chauhan, CEO of the NSE, and Arvind Uppal, Chairman at Whirpool

Chauhan at Horasis India Meeting spoke on India’s fiscal robustness and resilience to the effects of COVID, that in spite of sharp spikes in oil prices, inflation remained “under 5%, which to be in single digits for inflation for a country like India was impressive”.

The National Stock Exchange of India (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies.

Chauhan attended the Horasis India Meeting, which is co-hosted by the Government of South Australia and the Confederation of Indian Industry (CII).  

Of particular interest at this year’s event is the facilitation of meetings with Indian innovators and entrepreneurs to explore new ventures, using Adelaide as hub to invest in Australia and the Asia-Pacific. 

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