Cryptocurrency has been making waves in India for the last couple of years, the number of popular crypto exchanges in the country keeps growing. Crypto trading has an element of technology in it and Indians, are very comfortable with tech. The country has a massive base of Application developers, blockchain experts and crypto awareness in general has risen sharply.
Indians have a sharp mind when it comes to shopping, this is something that will work to the benefit of Altcoins with potential. Evaluating products and services thoroughly is something that, even an average Indian customer is accustomed to doing. Crypto activity goes far beyond Bitcoin and ETH and Indian crypto investors, are willing to explore the unknown.
Indian interest in cryptocurrency has been impressive for the past couple of years. Having said that there is something that, seems to be holding back many crypto lovers. Crypto legislation in India is a serious point of debate. While the government has talked about this on multiple occasion, clarity is still awaited (2021).
The good thing about cryptocurrency in India is that, development and interest has been on the rise – with or without clarity in crypto legislation. Glitzkoin CEO Navneet Goenka is confident that, “… India could set Altcoins on fire in 2022. There is money, interest and crypto activity in abundance …. If there is something that is lacking – it happens to be clear and reasonable crypto legislation. The impact that India could have on Altcoin trade is tremendous …”.
Expect to see a host of India based ICOs and crypto currency launches in the near future. Online payments have caught on in a big way in the country, the pandemic has made millions of people comfortable with online transactions. Awesome groundwork that is perfectly geared to take, the Indian crypto industry to the next level. With Altcoins gearing up to take center stage in 2022, the Indian crypto industry has a strategic role to play.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.