TL: DR Breakdown
- India’s first crypto exchange CoinDCX says it has no ‘immediate plans’ to launch an Initial Public (IPO).
- According to their spokesperson, the exchange platform, however, hopes to go public one day.
Indian crypto exchange platform CoinDCX says it has no immediate plans to launch an IPO. They also said that they are hopeful of an eventual launch one day. Per their report to Business Insider India, they don’t see this dream happening anytime soon amid the current crypto bans in the country.
The exchange is the first Indian firm to gain the ‘Unicorn’ status in August 2021. It had raised $90million during its Series C funding round, taking its valuation to above $1B. Now it says that it still has aspirations to open its services in the future.
CoinDCX set to launch after crypto ban lifting
Per CoinDCX co-founder Neeraj Khandelwal, the exchange platform plans to go public. But he told Bloomberg that the decision hinged on how soon the government allowed it to do so. Khandelwal said that this exchange would boost confidence in ‘India’s digital asset industry.’
Khandelwal insisted that an IPO would give the crypto industry legitimacy. He pointed to Coinbase’s case. To him, the latter’s listing infused crypto markets with plenty of confidence. Thus, CoinDCX was also looking for a similar outcome in the country.
Again, he expressed optimism at the current developments in the regulations of digital assets in India. The Indian parliament will be discussing a bill on the country’s regulation of its crypto industry. Khandewal said that bode well for the sector.
Indian crypto ban continues
The struggle between Indian lawmakers on whether cryptos are good or bad has had many outcomes by now. In 2018, the government banned transactions in cryptos in the country. It said the ban would remain in force until it advised otherwise.
However, in 2020 the supreme court overruled the government on that. It ruled that the citizens could trade in cryptos assets. Some times this year, the government reiterated that the ban remained in force in the whole country.
Since then, no legal cryptocurrency activity is taking place in India. But, the narrative seems to be changing with a bill proposing to regulate digital assets coming to the parliament. The government will introduce this bill during the ongoing Winter Session of their parliament.
If it gains enough support, the bill will ban all cryptocurrencies. But it’ll spare a few private cryptos and the official digital currency by the Reserve Bank of India. That said, India’s finance Minister Nirmala Sitharaman insists they won’t allow trading in BTC.
She said this on Nov. 29 while answering a question to the Lok Sabha. Sitharaman also said that the Indian government does not track BTC transactions. These events in the Indian crypto regulatory process come while other countries like China still hold on to their position against cryptos.