Daily Archives: March 18, 2024

On a recent Tuesday night, around 20 people crowded into the second floor of Joniel Bons newly opened internet cafe in Quezon City, 10 miles from Manila. Seated at computers with 34-inch curved monitors, they began playing video games such as Heroes of Mavia and Nifty Island, as music from Taylor Swift and Maroon 5 hummed from the speakers.

Playing these games can be a full-time job, and some of Mr. Bons customers had settled in for the night with slices of pizza to fuel them. The games reward players with cryptocurrency tokens for completing small, daily challenges. Often, players convert their tokens to pesos, the countrys currency, earning around twice the Philippines minimum wage of $11 a day.

Mr. Bon, 40, had dreamed about the buzz of activity at his own business after cryptocurrencies crashed spectacularly two years ago, dashing his hopes for a thriving game collective at the time.

There was a point I had to say, I believe in this. I had to hope, said Mr. Bon, a former information-technology worker. We survived.

Mr. Bons new internet cafe is a sign of how crypto has begun booming again in the Philippines, which has long been a center of crypto activity. This month, Bitcoin reached a record high, capping a comeback from the 2022 market meltdown and bringing other digital currencies like Ether along with it. On Monday, Bitcoin was trading at around $67,000.

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What Meltdown? Crypto Comes Roaring Back in the Philippines. - The New York Times

Hong Kong cryptocurrency investors realised gains of US$250 million last year, according to Chainalysis. In 2021, they made US$1.3 billion.

Overall, cryptocurrency investors around the world recorded total gains of US$37.6 billion in 2023, down from the US$159.7 billion during the 2021 bull market, according to Chainalysis.

Still, last years gains represent a significant recovery from 2022, which saw losses reach US$127.1 billion.

In both 2021 and 2023, US cryptocurrency investors realised the biggest gains in the industry, according to Chainalysis, when they made US$47 billion and US$9 billion, respectively.

The gains pulled off last year by mainland investors showed how the nations community of cryptocurrency enthusiasts has continued to thrive, despite Beijings rigid stance against all activities related to the virtual asset.

Chinas back-door cryptocurrency traders look more important than ever to Binances future

Chinese social media all agog as bitcoin prices continue to surge

If these trends continue, we may see gains more in line with those we saw in 2021, Chainalysis said. As of March 13, bitcoin is up 65.4 per cent and ether is up 70.2 per cent.

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Chinas cryptocurrency investors made gains of US$1 billion in 2023 - South China Morning Post

Recently several cryptocurrency mining companies sued the U.S. Energy Information Administration (EIA) rather than respond to a survey on their energy use. After several instances in which energy-intensive proof-of-work cryptocurrency mining threatened to destabilize the grid and led to price spikes, the EIA, an agency of the Department of Energy, initiated a provisional survey of electricity consumption for U.S. cryptocurrency mining companies in February 2024. That initial survey was halted by the industry lawsuit, but the EIA will now proceed with a public comment process on reporting requirements for cryptocurrency miners, the first step toward establishing permanent requirements that miners report their energy use data.

Every other major energy-using industry reports this type of data to the EIA, so that the EIA can produce studies and reports to help utilities, grid operators, and regulators with their energy planning. As the EIA recognized, there is a compelling need for the cryptocurrency industry to begin to account for its growing energy demands, which have threatened to overwhelm current systems for ensuring reliable electricity service and raised electricity prices in states where they have significant operations.

Earthjustice and partners urged the EIA in 2022 to collect such data because the lack of transparency and regulation of these highly polluting and energy intensive operations means the public and regulators cannot fully understand the true impact of their operations on the grid and local communities.

Cryptocurrency mining is an extremely energy-intensive process that threatens the U.S.s ability to maintain the stability of our grid and electricity rates, as well as our ability to reduce our dependence on climate-warming fossil fuels. In its February 2024 analysis, EIA estimated that cryptocurrency mining in the U.S. may represent up to 2.3% of total U.S. electricity demand.

Although cryptocurrency mining operations have become increasingly specialized, concentrated, price-sensitive, and capital intensive and thus identifiable as a distinct class of business and energy user it is difficult or impossible to find information about the scale, location, or fuel source of many cryptocurrency mining operations in the United States.

Cryptocurrency mining is largely invisible to U.S. regulators with little-to-no reporting requirements at either the state or federal level. Currently, the primary sources for publicly available information about cryptocurrencys energy usage and environmental impacts are local journalists, company press releases, and Securities and Exchange Commission (SEC) filings for publicly-traded cryptocurrency mining companies. Among those the few companies that do file reports with the SEC, many do not disclose the locations or fuel sources associated with the miners listed in their financial reports, or when they do provide only partial, selective, or misleading information, such as describing their energy supply as environmentally beneficial, reliable, renewable or as having high emissions free content.

The EIA has the legal authority to collect data on energy use from cryptocurrency miners, as it does from the manufacturing industry and other industries, in order to provide reports to inform energy planning decisions throughout the country. The reporting burdens are minimal.

Regulators and the public have the right to know this information because as EIA noted in times of peak demand such as cold snaps or heat waves, the energy demands of cryptocurrency miners can affect grid operations and cause blackouts and brownouts. It is not only appropriate for EIA to collect information on such a large consumer of electricity, but such collection is necessary for utilities and the public to have the information they need to appropriately assess the grid, climate, price, and local implications of the cryptocurrency mining industry in additional to individual operations.

Take it from the grid operators themselves: last summer, the Texas state grid operator, ERCOT, warned that cryptocurrency miners exhibited inconsistent behavior during resource scarcity events that brought the grid perilously close to failure. ERCOT noted that lack of transparency and coordination about cryptocurrency miners energy consumption during both Winter Storm Uri and Elliot, and during heat waves, has impacted ERCOTs ability to adequately forecast energy demand and response. ERCOT explicitly noted that crypto miners have exhibited inconsistent behavior during Resource scarcity events and if crypto miners had not voluntarily curtailed on June 20, 2023 ERCOT would have been forced into Emergency Operations.

The Tennessee Valley Authority (TVA), which covers large areas in seven states, has had to make significant adjustments to accommodate the growth of cryptomining and its impacts on electricity service and rates.

Last year in Kentucky, the Public Service Commission denied a proposed discounted electricity rate contract for a cryptomining facility out of concern that it could not be relied upon to curtail its load if needed during peak energy periods and that its demands on the grid would increase costs for all of the utilitys customers.

A government report on Winter Storm Elliott found that one of the major factors leading to deadly blackouts during the storm was the failure of utilities to reliably predict demand. ERCOT noted that lack of transparency and coordination about cryptocurrency miners energy consumption during both Winter Storm Uri and Elliot impacted ERCOTs ability to adequately forecast energy demand and response. ERCOT is projecting that cryptocurrency mining will consume 37 GW by 2028.

Utilities and grid operators must have reliable, up-to-date information on cryptocurrency mining operations in order to maintain the stability of the grid, especially when energy generation may be scarce. Indeed, EIA has determined that there is an urgent need for this information, requesting emergency review and citing national grid monitor NERCs 2023 Long-Term Reliability Assessment which warned that cryptocurrency mining has a significant effect on the grid.

As cryptocurrency mining operations expand in the U.S., electricity prices spike for other ratepayers. We documented examples of this in Washington, New York, Kentucky, and more.

In Texas, Bitcoin mining has already raised electricity costs for non-mining Texans by US$1.8 billion per year, or 4.7%, according to conservative estimates from consulting firm Wood Mackenzie.

Similarly, a BloombergNEF report, ERCOT Market Outlook: Everything Depends on Bitcoin, found that energy prices in Texas will soar for consumers if Bitcoin mining continues its rapid expansion. Models show peak energy prices increasing by 30% in one scenario in which the amount of cryptomining peak load roughly triples, and increasing by around 80% in a scenario in which the amount of cryptomining peak load increases around sixfold. The report states, ERCOT power prices will be a function of new bitcoin mining facilities.

Ratepayers should not be left on the hook for the massive energy consumption of cryptocurrency mining. The EIA should collect this information to give grid operators, electric service providers, and the public full access to information about the size, location, and characteristics of cryptocurrency mining operations in the US.

In addition to impacting grid stability and electricity rates for customers, cryptocurrency mining keeps coal and gas plants online, causing local air and water pollution and long-term climate harm. Due to the lack of transparency surrounding information on cryptocurrency mining operations and how they procure power, it is impossible to precisely assess the emissions intensity of cryptocurrency mining operations in the U.S. The EIA consistently tracks and reports on the emissions intensity of power generation in the U.S., and it is appropriate for them to collect emissions-related information from cryptocurrency mining operations too. Earthjustice urged the EIA to collect the data both by expanding its Manufacturing Energy Consumption Survey (MECS) to include cryptocurrency mining, and by ensuring that its surveys of electricity generators capture information about direct service or behind-the-meter electricity diversion to cryptocurrency miners.

In addition to air and water pollution, cryptocurrency mining operations create substantial noise pollution in local communities, resulting in health impacts as reported in Arkansas and Texas. The public deserves information about these operations that impact their everyday lives.

The EIA must proceed with its efforts to gather and publish this information publicly so that host communities can accurately understand how their local environment may be impacted by cryptocurrency mining operations and so that the climate risks of this industry can be accurately assessed.

EIA must move swiftly to collect and analyze this data as soon as possible. EIA announced that it will now seek public comment on data collection. This could proceed fairly quickly over a few months, but only if the agency prioritizes it. Cryptocurrency mining operations cannot be allowed to continue to conceal their energy use. Cryptocurrency miners inconsistent behavior during times of peak energy demand has brought the grid perilously close to failure in Texas, nearly forcing blackouts.

The EIA must move forward with requiring this reporting as quickly as possible, to protect public health and safety. Utilities and anyone who depends on reliable, affordable electricity should support the EIAs effort to bring some transparency to this industry.

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Cryptocurrency Miners Need to Report their Energy Use - Earthjustice

In recent years, the emergence of cryptocurrency has revolutionized the way we perceive and engage with currency.

Unlike traditional fiat currencies, which are issued and regulated by governments, cryptocurrencies operate on decentralized networks based on blockchain technology. This fundamental distinction creates a myriad of differences between the two forms of currency, ranging from their underlying principles to their practical applications.

This article explores these disparities and shows what makes cryptocurrency distinct from fiat currency.

At the core lies the concept of decentralization versus centralization. Fiat currencies are centralized, meaning they are issued and regulated by a central authority, typically a government or a central bank. This central authority holds the power to control the supply of money, influence interest rates, and intervene in monetary policies as deemed necessary.

On the other hand, cryptocurrencies operate on decentralized networks that rely on blockchain technology. These networks are distributed across a vast array of nodes, each contributing to the verification and validation of transactions. Decentralization ensures that no single entity has absolute control over the cryptocurrency network. Instead, consensus mechanisms, such as proof of work or proof of stake, govern the validation process, making cryptocurrencies resistant to censorship and manipulation.

Cryptocurrency has the potential to enhance accessibility and financial inclusion for individuals who are underserved or excluded by traditional banking systems. With cryptocurrencies, anyone with internet access can participate in the global economy, conduct peer-to-peer transactions, and access financial services without the need for a traditional bank account.

The above, coupled with the proliferation of mobile devices and internet connectivity, has further democratized access to cryptocurrencies, empowering individuals in developing countries to participate in the digital economy. Cryptocurrency wallets can be easily downloaded and installed on smartphones, providing a convenient and secure way to store and transact digital assets.

This in turn provides greater access to other services. For example, players living in regions where online gambling is restricted can access the best options for crypto gambling thanks to these digital currencies. This works as crypto is not regulated in the same ways as fiat currencies, so crypto casinos and sports betting sites dont fall under traditional regulations set for gambling.

Furthermore, cryptocurrencies enable cross-border transactions with lower fees and faster settlement times compared to traditional banking systems. This feature is particularly beneficial for remittance payments and international trade, where traditional banking processes can be cumbersome and costly.

Another differentiating factor between cryptocurrency and fiat currency is the level of transparency and immutability inherent in their respective systems.

Blockchain, the underlying technology behind most cryptocurrencies, provides a transparent and immutable ledger of all transactions ever conducted on the network. Every transaction is recorded in chronological order, forming a chain of blocks that cannot be altered retroactively without consensus from the network participants.

In contrast, the traditional banking system lacks the same level of transparency and immutability. While banks maintain records of transactions, these records are not always easily accessible to the public, and they can be subject to alteration or manipulation by centralized authorities. Cryptocurrencies, with their transparent and immutable blockchain ledgers, offer a higher degree of security and trust in the integrity of transactions.

The transparency provided by blockchain technology also fosters accountability and auditability in the cryptocurrency ecosystem. Anyone can inspect the blockchain to verify the validity of transactions, ensuring that no fraudulent or unauthorized activities take place. This level of transparency contributes to building trust among users and investors, bolstering the adoption of cryptocurrencies as a legitimate form of digital currency.

Monetary policy and inflation mechanisms differ significantly between cryptocurrency and fiat currency systems.

Central banks have the authority to implement monetary policies, such as adjusting interest rates and controlling the money supply, to stabilize economies and manage inflation. However, these policies are often subject to political influence and can lead to the debasement of fiat currencies through inflationary practices like quantitative easing.

In contrast, many cryptocurrencies, such as Bitcoin, have predetermined issuance schedules and fixed maximum supplies, making them deflationary by design. For instance, Bitcoin has a capped supply of 21 million coins, ensuring that inflationary pressures cannot devalue the currency over time. This scarcity model contrasts sharply with fiat currencies, which can be printed at the discretion of central authorities, potentially leading to currency devaluation and loss of purchasing power.

In conclusion, the differences between cryptocurrency and fiat currency go beyond their technicalities and encompass fundamental differences in principles, governance, and practical applications. While fiat currencies rely on centralized authorities and traditional banking systems, cryptocurrencies operate on decentralized networks with transparent, immutable ledgers.

Moreover, cryptocurrencies have the potential to enhance accessibility and financial inclusion by providing an alternative means of participating in the global economy. As the adoption of cryptocurrency continues to grow, it is essential to recognize and understand these differences to navigate the evolving landscape of finance and technology effectively. Cryptocurrency represents not only a new form of digital currency but also a paradigm shift in the way we conceive of and interact with money.

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Understanding the Fundamental Differences Between Cryptocurrency and Fiat Currency - FinSMEs

Key Takeaways

Amidst a cryptocurrency market downturn since March 14, SOL shows remarkable resilience by pushing through to new highs. Today, it moved above $200, surpassing BNB based on its market capitalization.

Excluding the stablecoin USDT, SOL has only ETH left to surpass to become the second largest cryptocurrency. How much further does SOL need to climb to claim the second spot, and is such a feat within reach?

SOL has a market capitalization of $90 billion, while ETH is at $435 billion. A 483% increase is needed for SOL to surpass ETH, given the latters price does not budge at all.

At the current price with the current supply of slightly more than 443 million tokens, SOL would need to reach a price of $982 to surpass Ethereums market capitalization.

However, the supply of SOL has steadily increased over the last year. To the contrary, that of ETH has fallen, albeit only incrementally. As a result, a slightly lower figure will surpass ETH.

In January 2023, SOL had a circulating supply of 370 million tokens. In January 2024, the supply had ballooned to 432 million, an increase of 17%.

If in 2024 SOLs supply increases at the same rate as it did in 2023, SOL will have a circulating supply of 506 million tokens at the start of January 2025.

At these figures, the SOL price would have to be $860 for it to surpass ETH, given the latters price stays the same, still a daunting task that requires a more than 300% increase.

The SOL/ETH chart shows that the ratio between the two is nearly at an all-time high favoring SOL. The all-time high of 0.058 ETH per 1 SOL was reached in November 2021. Interestingly, SOL is also expected to reach a new all-time high against the dollar in the near future.

The wave count (white) suggests an all-time high will be reached soon. It indicates that SOL is in the fifth and final wave of its upward movement that started in December 2022. Wave three extended and the sub-waves are in black.

If wave five also extends and has the same length as waves one and three combined, SOL/ETH will reach a new all-time high of 0.080, increasing by more than 40% from the current price.

If the ETH price stays at $3,600, this SOL/ETH ratio would lead to a SOL price of $290, far from the $860 target required for SOL to surpass ETH.

Depending on the SOL supply, a ratio near 0.25 will be required to do so, given that the ETH supply is nearly four times smaller than the SOL one.

To conclude, SOL has been the best performing Layer-1 token this cycle, posting a more than 1,300% increase since the start of 2023.

Despite this surge, it is unlikely that it will surpass ETH in the near future, due to the sheer ground it has to make up and the fact that the SOL/ETH chart could be in the final portion of its upward movement.

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SOL Flips BNB, Becoming 4th Largest Cryptocurrency as Ethereum Becomes Next Target - CCN.com

The meme coin surge in 2021 was nothing compared to its frenzy in 2024. The current cryptocurrency bull market is heavily influenced by meme coin dominance, with meme cryptos leading the sectoral rise.

The meme coins of 2024 are not limited to just delivering an entertainment narrative to investors; they are now birthing new millionaires with their stellar price rises.

Packed with massive potential, meme coins are giving contemporary cryptocurrencies stiff competition. Here are our top three meme cryptocurrency recommendations that could skyrocket this bull season.

Also Read: Cryptocurrency: 3 Meme Coins Set To Deliver 10x Returns For Beginners

A new Solana-inspired meme coin, Book of Memes, also known as BOME, is the latest meme coin to join the crypto league.

Launched by Darkfarms, BOME was created as a token that would encapsulate the evolving meme culture.

BOME has flipped major market coins and has acquired the 7th spot as the most traded coin among traders. Per CoinMarketcap, BOME has surged 1593% in the last 7 days, followed by another 1500% surge in the last month. This exceptional price rise has compelled investors to take a better look at BOME, with renewed interest.

JUST IN: Solana memecoin $BOME is now the 7th most traded crypto with $4.36B volume traded in the last 24 hours.

WIF rose to the $3 threshold within months, compelling investors to investigate its potential and impacts. The token has been labeled as a meme coin that aims for technological innovations.

The meme coin showcases a Shiba Inu wearing a distinctive pink knitted hat. Unlike many cryptocurrencies that aim for technological innovations or societal transformations, Dogwifhat takes a lighthearted approach, embracing its identity as a simple meme coin.

WIF has recently breached the $3 milestone. The coin has surged more than 26% in the last seven days. WIF is currently up 15% in the last 24 hours, trading at $2.77.The token has shown a remarkable price ascent as of late, portraying its might as a leading meme currency for investors to explore and hold.

Also Read: Cryptocurrency: Top 3 Memecoins To Watch This Weekend

The frog-inspired namecoin took the domain of crypto by surprise when it skyrocketed 300% past its usual metrics. PEPE is a frog-inspired cryptocurrency that is surging ahead in popularity among users.

Per the data from CoinMarketCap, PEPE is a deflationary meme coin launched on Ethereum. The cryptocurrency was created as a tribute to Pepe the Frog, created by Matt Furie, which gained popularity in the early 2000s.

PEPE was launched to capitalize on the popularity of meme coins, like Shiba Inu and Dogecoin, and strives to establish itself as one of the top meme-based cryptocurrencies, as CMC later describes.

Since then, the coin has surged remarkably well to woo investors holistically. PEPE has noted an upswing of 551% in the last month. The coin is up 1.48% in the last 24 hours, trading at $0.00000753.

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Cryptocurrency: 3 Meme Coins That Could 15x This Bull Season - Watcher Guru

The recent remarkable surge in Bitcoin prices has sparked a pertinent query among Bitcoin investors: Will this trend change the fortunes of Indian cryptocurrency firms?

The nation's cryptocurrency exchanges are witnessing a substantial burst in demand, driven by the recent skyrocketing of Bitcoin prices to unprecedented highs.

The Indian cryptocurrency platform CoinDCX, for instance, has reported a significant five-fold increase in trading volumes over the past month.

Specifically, our spot trading volume, which began around $5 million at the beginning of February, rose to approximately $25 million by February 28, says Sumit Gupta, co-founder of CoinDCX.

The recent surge in Bitcoin's value has undeniably ignited a wave of enthusiasm and confidence.

Meanwhile, India's largest cryptocurrency exchange, WazirX, which is based in Mumbai, is also experiencing significant growth in cryptocurrency transactions.

My servers are humming at overcapacity, says Rajagopal Menon, vice president, WazirX, which has experienced a 20-fold increase in trading volumes since the beginning of the year.

My new users are up, my daily traffic is up. So, the long and short of it is that it is a function of sentiment the moment price goes up, it's herd mentality and everyone wants to buy. So, we are definitely seeing an uptick in people wanting to buy their favourite crypto.

Despite the rise in investor interest, volumes are still down from their peaks as crypto exchanges are burdened by heavy taxes imposed by the country.

In 2022, India imposed a 30 per cent tax on profits from cryptocurrencies, as well as a 1 per cent tax on all transactions of the virtual assets.

The crypto market, which includes currencies such as Bitcoin, pictured, has lost $2 trillion of its value in six months. Unsplash

While "there is no dearth of people" wanting to invest in cryptocurrencies, Mr Menon says, that retail investments have not reached the peak that we saw in 2021.

This development coincides with the growing apprehensions expressed by Indian authorities regarding cryptocurrency trading. The risks associated with it, coupled with fears of potential misuse for illicit activities like money laundering, have raised concerns.

There's also a worry that it could pose a threat to the stability of the nation's financial system.

These concerns resonate with numerous nations worldwide, including India. The Indian authorities are indeed wrestling with the challenge of how to regulate these assets, especially considering their sustained popularity.

Bitcoin, the largest cryptocurrency, has risen by almost 54 per cent year-to-date to over $68,000 as of Friday evening. This was lower than the new all-time high it reached on Thursday of $73,803, which dived further down to about $65,000 on Sunday.

The rise of Bitcoin has been driven by various factors, such as inflows into US spot exchange-traded crypto products and the expectation of global interest rates falling. This often leads traders to redirect capital into risky assets.

Investor interest in cryptocurrencies has grown following the approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission in late January.

The Bitcoin halving event is anticipated to occur in April, resulting in a reduction in the rate at which new coins are generated. Historically, these events have led to an increase in the value of the cryptocurrency.

Indian exchanges are pleased to witness a resurgence in investor demand, after a challenging period for the sector.

We've witnessed a remarkable 150 per cent increase in spot market trading volume, says Mr Gupta. This surge in demand for Bitcoin is fuelled by the launch of Bitcoin ETFs, signalling a maturing market.

The growth trend is not limited to Bitcoin.

The company has seen significant growth across large-cap cryptocurrencies like Ethereum, Solana, Shiba Inu, and Binance Coin, says Mr Gupta.

The rise in demand isn't just confined to retail investors we've also seen a notable increase in engagement from high-net-worth individuals and institutional investors.

However, despite the renewed interest in virtual assets, exchanges are reporting that the current tax regime continues to dampen investor appetite.

Changes in India's regulatory landscape, including a new tax regime, have influenced the cryptocurrency appetite, says Pranav Srivan Elankovan, founder of Crypfi, a cryptocurrency exchange.

The introduction of taxes and regulatory uncertainties has prompted investors to adopt a more cautious approach, potentially dampening demand.

The taxes in 2022 have had an enormous impact on the industry, Mr Menon says.

The moment this happened, [crypto investors] stopped trading in India, he says.

They fled to exchanges abroad, because crypto knows no boundaries. So, you had a lot of foreign exchanges or offshore exchanges benefiting from Indian customers actually shifting the capital abroad.

Our volumes were down by 90 per cent in the bear markets, by the end of 2022 and last year, he says.

However, he adds that the Indian government has taken a very serious view of offshore exchanges not complying with Indian laws and is taking steps to prevent Indian citizens from trading cryptocurrencies on them, thereby benefiting Indian exchanges.

In January, India blocked access to the websites of major global cryptocurrency exchanges after issuing notices to them for not complying with the country's money laundering laws.

Furthermore, despite the high 30 per cent tax rate, it is widely accepted within the industry that this serves as a clear indication that the government acknowledges cryptocurrencies as a legitimate form of investment. Speculation had long persisted that India would impose a ban on cryptocurrencies.

Sustained demand hinges on ongoing regulatory clarity and the confidence of investors in the Indian cryptocurrency market, says Mr Elankovan.

Sidharth Sogani, the founder and chief executive of the cryptocurrency research firm Crebaco, made the decision to relocate from India to Dubai three years ago. He cited the UAE's more robust and open-minded approach to the cryptocurrency market as a key factor in his decision.

He states that despite the Bitcoin rally, Indian cryptocurrency exchanges are still at a disadvantage.

Volumes have not reached the previous bull cycles we observed in 2021, when the market had a way higher volume, and exchanges were more aggressive and they were advertising a lot, says Mr Sogani.

He asserts that regulation is of paramount importance.

India is not a regulated market for crypto. It is legal, but it's not regulated they are two different things, says Mr Sogani.

When you say regulation, that means the regulatory body is responsible for all the market exchanges to report in a certain manner and that regulatory body does not exist yet. Once it does exist, there will be a different market for India.

The exchanges have expressed their openness and readiness to embrace a regulatory framework.

We want clear guidelines, says Mr Menon. For example, it's very difficult, even now, for Indian crypto companies to get reliable banking connections.

But he believes a change is on the horizon. This belief stems from India's recent actions under its G20 presidency, which together with other member nations, embraced a strategic plan to guarantee a synchronised execution of a policy framework for crypto assets.

We are hopeful that regulation will make the [cryptocurrency] industry a better place to be in and things would be much better in the coming years for India, says Mr Menon.

Updated: March 18, 2024, 6:59 AM

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Can the Bitcoin surge push India to overcome its cryptocurrency hurdles? - The National