The Indian Government’s approach towards evolving cryptocurrency industry has been hesitant. The administration is still working to produce the most awaited crypto bill. However, Nation’s digital asset exchanges are working to it more accessible for the population. In this bid, CoinSwitch has launched the Crypto Rupee Index (CRE8) for its users.
CRE8 will track top 8 crypto
India’s largest crypto investing app has come up with an index that will be measuring the performance of the crypto market based on the Rupee. In the beginning, the app will be monitoring Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP) and other four major crypto tokens. These digital assets hold almost 85% of the total market cap. The index will depict the data of real trades of over 18 million users registered in the app.
In a Twitter thread, Ashish Singhal, Co-founder of Coinswitch, said that Indian investors have been relying on the international indices based on US Dollar. However, these indices don’t present the actual picture of the Indian crypto market. He added that they miss the real supply and demand dynamic of the increasing Indian investors. CRE8 will try to fix this.
India still awaits crypto bill
Singhal claimed that the index will keep the users more informed to make them able to take an investment decision. He mentioned that this shows their long term commitment to creating clarity over the crypto market. CRE8 will be rebalanced every quarter to maintain order with the international market.
Earlier it was reported that the Indian government is very near of bring out a consultation paper on crypto. The authority had discussions with World Bank and International Monetary Fund (IMF) over it. However, it is still not clear whether the advisory will create any effect on the nation’s crypto law. It is expected that a digital asset related bill will soon be presented in the Indian parliament.
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