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The need for India's first crypto transparency report

The need for India's first crypto transparency report

The need for India's first crypto transparency report
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By Medha B Dey Roy  Dec 3, 2021 2:29:49 PM IST (Updated)

There has been much speculation about the future legal status of Bitcoin and other cryptos in India. With more than $6.6 billion in investments being already made in crypto assets by Indian retail investors, the country needs a cryptocurrency transparency report

Over the years, comms' roles, and responsibilities in general across all emerging tech roles have evolved exponentially. While the journey has been an incredibly enriching experience for professionals, some aspects of nuances we are faced with the development of tech have redefined the PR industry and its role by multifold.

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For example, the 2021 Edelman Trust Barometer states a trust deficit in all our institutions. The ecosystem cannot handle the pervasive infodemic, leaving the four institutions—business, government, non-governmental organizations, and the media—in an atmosphere of information bankruptcy. However, we all can make our efforts to improve and restore society by creating a new path to resolve the issues we face that break our trust in institutions.
It's increasingly crucial for those in communications roles to bust myths, help bridge the knowledge and trust gap amongst stakeholders and ensure Transparency in the blockchain. Today, Bitcoin is regarded as one of the most significant technical accomplishments of our time. Its decentralized nature has four properties that make it a safe haven for investors who understand the value of Bitcoin as a network, a unit of value, a public ledger, and a currency. First, it enables us to share and transfer value without a third entity, like banks or intermediaries. It records every transaction made on the network since Bitcoin's inception in 2009. Third, it verifies that each transaction's authenticity. Furthermore, it allows anyone anywhere in the globe to participate in an open and fair financial system.
Hence, this sector would create more opportunities to boost our efforts and set the benchmark for success in restoring and building wider acceptance for being a safe-haven asset and a store of value like gold since institutional investors have bought into it.
Brokerages, securities, and banks are now preparing themselves to meet the rising demands. There are also safeguards such as trading services and new custody with proper credentials and licenses that cater specifically to the big, regulated investors.
Moreover, numerous central banks are trying to figure out how to digitize their sovereign currencies, a validation step for the blockchain system brought closer to the mainstream by Bitcoin.
Transition into Web 3.0 and Decentralization
The first version of the web lacked any services with user interaction. It was mainly about anyone and everyone going online. Businesses were all ready to go global. Some of the biggest companies globally include the following self-regulation, every crypto exchange should be able of the web, also popularly known as the colonial era, where every business was thinking of adding a social aspect to their company.
At this time, social media giants Twitter and Facebook were born with their primary goal of making the world more intertwined, engaged, and connected.
And now we're currently living in the third most recent generation built on blockchain technology, which is an era of decentralization and Transparency.
The era of Blockchain Revolution
Blockchain is a revolutionary technology generating whole new levels of innovation across industries, with applications such as supply chain monitoring for pharmaceutical and food manufacturing, digital IDs, payment processing, etc.
A recent report by Nasscom illustrates that the Cryptotech industry, which includes crypto applications in retail, P2P payments, trading, and remittances, among many others, has increased by 39% in the past five years in India.
The report also stated that the crypto tech industry will reach $241 million by 2030 in India and $23 billion by 2026 globally.
However, in recent months, there has been much speculation about the future legal status of Bitcoin (BTC) and other cryptos in India. With over $6.6 billion in investments already made in crypto assets by Indian retail investors, the industry employs more than 50,000 individuals. It has over 230 startups right now, along with 150+ projects.
The #IndiaWantsCrypto Twitter campaign was designed to create awareness and spread the right message about the crypto industry. However, after two years of the campaign, it resulted in the Supreme Court of India quashing the crypto banking ban.
Amidst these three years, the company innovated and grew to become of the most premier and most significant cryptocurrency exchanges in India. WazirX with over 10 million users and has trading volumes of around $38 billion since January 2021.
In the past year or so, we have successfully launched numerous initiatives to raise crypto awareness in India, including our education partner campaign, campus outreach program, warriors’ program, amongst others.
Why does Transparency matter?
Societies are built on trust. Trust is built through Transparency, openness, and integrity amongst stakeholders. One of the most notable features of bitcoin is that its economics are pre-programmed and managed by computer code, putting the system outside the reach of government authorities.
Today's generation is faced with a debate on what truly matters to us as an individual- personal privacy or protection? And how does financial freedom play a role in our lives? Bitcoin was invented in the backdrop of the 2008 financial crisis. Bitcoin integrates cryptography, encryption, distributed computing, and game theory. With bitcoin, people worldwide with a primary internet connection may deal in minutes without an intermediary. One key notable feature of bitcoin is that its economics are pre-programmed and managed by computer code, putting the system outside the reach of government authorities.
To realize the freedom that comes with financial independence, one also needs to focus on the responsibility that comes with it. Therefore, for all stakeholders to understand the difference between a centralized and decentralized ecosystem, crypto exchanges enthusiasts and entrepreneurs need to help their various stakeholders learn more about this space. Transactions in Crypto are digitally validated using a blockchain, a digital ledger technology that is not tied to a single central server but rather to a worldwide network of computers. This dramatically reduces the risk of fraud or chargebacks in bitcoin transactions.
Following self-regulation, every crypto exchange should issue its transparency report as an industry practice that would further help address the gap in technological know-how in the industry. Furthermore, to cultivate a culture of Transparency, we must prioritize educating, informing, and demystifying the various misconceptions about cryptocurrency and its applications to our community.
Our collaborative efforts to dispel all crypto-related fears while improving our financial literacy across demographics through education and awareness programs are imperative to build a better tomorrow.
A holistic understanding of this space is critical for giving regulators the necessary visibility to safeguard the interests of crypto investors from fraudsters and promote the entrepreneurs who are deeply engaged in building this innovative technology in India.
Hence, going forward, as part of WazirX's comms team, we will be releasing bi-yearly transparency reports to showcase our consistent commitment to creating a safe place to buy and sell cryptos, supporting various law enforcement agencies with their requests and addressing queries raised by our investors and the media.
You can read the full full WazirX Transparency report here here. Lastly, urge everyone to ask me and my team questions that need clarifications. Our mission is to put India at the forefront of the crypto revolution by constantly innovating and building the most secure, reliable, easy to use platform and assisting the industry in developing a regulated ecosystem.
Note: This is a partnered post
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