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How does Crypto fit in IndiaStack?

By May 19, 2021February 16th, 20222 minute read

CNBC-TV18 in conversation with Sanjay Phadke

Financial inclusion has been a concern for a long time now. When we talk about SMEs specifically, as per a report released by the RBI, the total unmet credit demand/capital requirement of this sector is significant. 

To streamline the process, the first step is to collect the right information. With businesses going digital and the concept of e-Invoicing (in GST) being introduced along with Aadhaar linking, UPI transactions, and much more, there is already a lot of validated data. The next step is to put all of this data on a technology. Blockchain can work as a solution here. With this new technology, the provenance of data can be proved, and the data will become immutable. 

That means, just with the readily available data and blockchain technology, businesses can innovate on the sources of capital to meet business needs. This is precisely what Sanjay Phadke explains in episode seven of ’Digital Assets Of The Future – Crypto’. He strongly believes that there are ‘n’ number of possibilities where crypto capital could be useful!

In this episode, you can get answers to questions like:

  • Are Indian SMEs (Small and Medium Enterprises) ready to be a part of the Crypto ecosystem?
  • To meet the capital requirements in the country, are regularized investments in Crypto assets (from approved exchanges) a solution?
  • What is DeFi & CeFi?
  • Is the risk tolerance level more in Crypto investors while compared to others?
  • Crypto and digital rupee – How will this fit into the IndiaStack? 
  • Can Crypto solve India’s financial inclusion issue?
  • Financial inclusion+Cryptocurrency/Digital currency – Has this concept been used in any other country?

India hosts a large amount of programming talent and is generally referred to as the software powerhouse of the world. If the talent and resources are leveraged in the right manner, a product that is way ahead of its time can be designed. With this, at least at the sandbox level, some crypto wealth should be injected into the market. Decision-makers can then evaluate the outcome and decide the way forward. 

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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