Xiaomi India, the subcontinent’s branch of the major mobile phone manufacturer, is interested in the cryptocurrency industry but needs regulatory clarity from the government. The firm’s managing director, Manu Jain, said in an interview with The Economic Times, “We will want to wait for all the regulatory things. Of course, crypto is an area, which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. But, we would want to understand more on the regulation side.” Jain’s latest remarks come after the company’s financial service business returned to growth in 2021, seeing a 35% year-on-year surge in …
Despite bitcoin’s (BTC) recent price surge, the download count of cryptocurrency-related mobile applications is not increasing, Bloomberg reports on June 28 Data form mobile app analytics firm App Annie shows that, while in the first half of 2018 there were 65.8 million cryptocurrency-related app downloads, in the first six months of this year there were 67 million, an increase of about 1.82%. This growth is not nearly as sharp as that reported in previous years, considering that the first half of 2017 saw 28.2 million crypto apps downloads from 2016’s 15.3 million, a 45% increase. Apps related to the industry …
Beyond rapidly changing how we create, store and transfer value, cryptocurrencies are accelerating financial inclusion in a way that traditional financial institutions have either been unwilling or unable to. Yet crypto’s possibilities go way beyond banking the unbanked. It allows developing nations and those without access to financial services to avoid the bank completely and transact and grow small businesses using just a mobile phone. Why financial inclusion is so important Even today, almost 2 billion people around the world have no access to financial services. That’s approximately one-fourth of the global population. Having nowhere to place savings and not …
A couple of years back, the term “exit scam” became synonymous with the crypto industry. This was at a time when the market (at large) was replete with a number of cash grab ventures that looked great on paper but had little to no substantive value to back them up. In its most basic sense, an exit scam can be thought of as a fraudulent scheme wherein the organizers of an initial coin offering (ICO) or a similar fundraising avenue disappear with their investors' funds after acquiring a sizeable sum of money. In this regard, during November 2017 — a …
Paytm, India's leading digital payments company, has said Thursday that it would consider Bitcoin services if the country's regulatory framework for cryptocurrencies was more definite. Speaking to Haslinda Amin and Rishaad Salamat during an interview on Bloomberg TV, Paytm's Chief Financial Officer Madhur Deora stated that the rules surrounding Bitcoin (BTC) remain in a “grey area” in India. “Bitcoin is still in a regulatory grey area if not a regulatory ban in India. [...] At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we …