Posted 2 years ago | by Ben Armstrong
Binance Buys WazirX - Enters Indian Market
The crypto markets are volatile. While the tokens jump around in price, there are serious businesses who are working to create long term solutions for the global population. One of these companies is Binance, who just entered the Indian market with the purchase of WazirX, a local token exchange.
Binance's move to acquire an Indian asset isn't a surprise. The company recently added an option for Indian customers to buy USDT with Indian Rupees, which has been a difficult transaction for the Indian population after the nation's government decided to ban any crypto transactions last year.
India has a nuanced stance on tokens. While cryptos are technically legal in India, they aren't able to interface with the nation's banking system. This may have been a way to try and shut down the Indian crypto sector entirely, but clearly, there are investors who see the potential of the market.
The Indian Government has Cryptos Wrong
The government of India has a bad attitude when it comes to cryptos, and a terrible track record with managing the nation's money supply. The 'experiment' undertaken by Indian PM Modi that banned high denomination bank notes virtually overnight was a catastrophe for both the Indian population, and the economy of the nation.
It wasn't much of surprise to see a de-facto ban on cryptos by the same government that created havoc among some of the poorest people on earth with wild monetary policies, and the ongoing antagonism of cryptos by the Indian government is likely holding back a nation that needs to compete on the global stage.
Poor populations are generally underbanked, and the Indian people are among the most unbanked in the world, according to some estimates. Whenever people don't have access to financial services the economy will suffer, and given the figures, it makes zero sense that the Indian government is hindering the use of cryptos in a nation that could badly use the assistance.
Binance is Going in the Right Direction
No one would suggest that Binance is moving into the Indian market for altruistic reasons, but its move to open the Indian economy to tokens may be one of the best things to happen to Indians in a long time.
The CEO of Binance. Changpeng Zhao, commented:
"The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”
Zhao brings up a good point.
Do people elect governments to be empowered by their leaders, or to be subjugated by a system that works to keep them poor?
In India, it looks like the government is working to keep some of the poorest people on the planet as destitute as possible, and their stance on cryptos may be doing more than most people realize.