The cryptocurrency situation in India, agree or not, has been a complete mess in recent times. Although the country ranked second in terms of cryptocurrency adoption last year with over 15 million active crypto-traders, Polygon co-founder and India-based entrepreneur Sandeep Nailwal recently highlighted the “crazy brain drain” in the Indian crypto sector. He also mentioned the lack of proper regulations and infrastructure for crypto and digital assets in the country and how improvements in the sector could make India a global crypto hub in the future.
In a recent interview with Scott Melker on his “Wolf of All Streets” podcast, Sandeep Nailwal joined to explain the significance of Layer 2 blockchains in the market and how crypto companies like his own Polygon, formerly known as Matic network, are pivoting to Dubai set up their headquarters.
Plus, citing the current crypto brain drain situation in India and the fact that Dubai is becoming a crypto hub in the world, the government should take the necessary actions to boost cryptocurrency adoption in the country. Although it has launched a new digital currency called “Digital Rupee”, the regulations surrounding the crypto sector still need significant improvements. So, with these efforts, the government could make India a global crypto hub for companies and drive the country’s economy to the next level, going forward.
