In an exclusive interview conducted by Ravi Kumar of AlexaBlockchain, we had the opportunity to gain insights from Shivam Thakral, the CEO of BuyUcoin, India’s second longest running digital asset exchange.
As the cryptocurrency market continues to evolve and capture the attention of investors worldwide, BuyUcoin has carved its own path in India by providing a trustworthy and user-friendly platform tailored exclusively for Indian customers. With a vision to make crypto accessible to millions of Indian pockets, BuyUcoin has become a popular choice among the Indian diaspora, attracting and retaining a large user base of over 1 million users.
Despite the regulatory uncertainties surrounding cryptocurrencies in India, BuyUcoin has navigated these challenges and prioritized the safety and security of its users’ funds. Additionally, the company has launched innovative investment plans such as SCIP (Systematic Crypto Investment Plan), catering to the needs of the Indian salaried workforce.
In this interview, we explore BuyUcoin’s unique position in the Indian crypto market, its educational initiatives, regulatory compliance efforts, and the impact of recent developments on the crypto industry in India. Thakral also shares his predictions for the global crypto market in 2023, which he believes will be driven by geopolitical crises, soaring inflation, and recession fears.
Can you tell us about BuyUcoin and what sets it apart from other crypto exchanges in India?
BuyUcoin is a one of its kind crypto exchanges with exclusively tailored for Indian customers looking for a trustworthy and easy crypto trading platform. BuyUcoin was founded with a vision to bring crypto to millions of Indian pockets and provide world class trading experience through AI enabled crypto trading platform for Indians.
BuyUcoin has a large user base of over 1 million users. How has the company managed to attract and retain such a large user base in a relatively short period of time?
We have been a bootstrapped organization since our inception in 2017 which makes us heavily focused on core business values that enable organic, community driven growth. Even without the huge spend on advertising which is commonly observed in Crypto Industry we have remained a popular and trustworthy choice among the Indian diaspora.
With the rise of cryptocurrencies, many people are still hesitant to invest in them. How is BuyUcoin working to increase awareness and educate people about the benefits of cryptocurrencies?
With our educational initiative in this space, we tend to focus more on the fundamental benefits of the disruptive technology behind crypto products/digital assets. Rather than going for herd mentality and getting into crypto investments because everybody else seems to be, people have now started to analyse and research the underlying principles that create value across multiple ecosystems on a global scale.
BuyUcoin has launched SCIP (Systematic Crypto Investment Plan), which is being compared to traditional mutual funds. Can you tell us more about SCIP and how it is different from other investment plans?
Throughout the 5-6 years of our existence, we have observed that a majority of crypto enthusiasts in India are accustomed to traditional investment products, and hence they look for easy but comprehensive ways of regularly investing in these assets without having to go through the hassles of market volatility.
SCIP addresses the needs of the salaried workforce of India and enables them to choose between multiple combinations of digital assets and continue to invest without worrying about crypto market volatility.
There is still some regulatory uncertainty around cryptocurrencies in India. How is BuyUcoin navigating this uncertainty, and what steps is the company taking to ensure the safety and security of its users’ funds?
We have always advocated for stringent regulation that are geared more towards investor protection along with industry friendly compliances and taxations. BuyUcoin regulatory sandbox was one of the first effort by an exchange to actively collaborate with the government for a healthy regulatory framework for crypto industry in India.
The Indian government has recently brought virtual asset businesses, including cryptocurrencies, under the Prevention of Money Laundering Act. What impact do you think this will have on the crypto industry in India?
We believe that bringing this business under the PMLA will address concerns related to flight of money, and other illicit uses of crypto assets. We welcome this move by Indian government and willing to contribute towards a transparent and compliant crypto ecosystem.
How will it impact the average crypto investor or trader in India, and what steps can they take to ensure compliance with these regulations when using BuyUcoin or other crypto exchanges?
In my opinion, the average Indian trader won’t have much direct impact with the new crypto regulations if they continue to engage with legit use cases of digital assets like speculative investments using known domestic platforms.
With virtual asset businesses now being subject to the Prevention of Money Laundering Act, Indian crypto exchanges will have to report suspicious activities to the Financial Intelligence Unit India. How is BuyUcoin ensuring compliance with these regulations and what steps is the company taking to prevent money laundering?
We are working with multiple internal and external stakeholders to put in place a solid framework within our organization that enables active reporting of suspicious activities similar to fintech companies in India. BuyUcoin will ensure that it meets all the regulatory requirements to protect the interest of its users and adhere to the government guidelines in both letter and spirit.
The dollar’s value has been declining relative to other currencies over the past few months. What impact do you think a weakening US Dollar will have on cryptocurrency in general and Bitcoin in particular as a payment method, and a store of value?
As a store of value, we believe that the distrust for USD will have an overall positive impact on Bitcoin as it has been touted as a non-inflationary asset in the long term.
What are your predictions for the crypto market in 2023, and what factors are expected to drive these trends?
In a much-anticipated move, US Fed continued its aggressive rate hikes to tame inflation and announced a 25-basis rate hike in its latest meeting. However, Fed has also signalled that it might pause the aggressive rate hikes but the final decision will be taken after assessing the macroeconomic factors in its next meeting.
The crypto market started the year 2023 on a positive note with crypto heavyweights like Bitcoin and Ether surging by 75% and 58% respectively taking the crypto market cap well above the psychological $1 trillion mark. The ongoing banking crisis has led to a paradigm shift in the sentiments of the individuals and there is a wave of positivity for Decentralised Finance and related products. Individuals are looking towards digital assets to preserve their wealth and stay ahead of the inflation curve.
The first four months of 2023 have been a mix of geo-political crises, soaring inflation, and recession fears but the crypto market has emerged as a resilient ecosystem braving inflation and other macroeconomic factors. The regulatory support for digital assets from major economies like UK and Europe will surely add momentum to the growth of the crypto industry. The crypto regulations are an integral part of the G20 summit under India’s presidency and all the stakeholders of the industry remain optimistic about a homogenous policy framework for the global crypto industry.
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To learn more about BuyUcoin, visit https://trade.buyucoin.com/