CURRENT AFFAIRS

Detailed explanation-1: -The Indian cryptotech market has the potential to create an economic value addition of $184 billion by 2030 in the form of investments and cost savings, states a report titled-Crypto Industry in India.

Detailed explanation-2: -KuCoin survey projected that by 2030, the total value of investments in cryptocurrencies from India will cross $241 million (about ₹1, 900 crore).

Detailed explanation-3: -Fear of a global recession impacts equities and currencies. As a result, despite high trade volatility, some experts hope that cryptocurrencies will likely see some revival in 2023.

Detailed explanation-4: -They predicted that Bitcoin could fall to $5, 000 levels in 2023. Experts believe that the rising interest rates and tighter monetary policy will not allow Bitcoin to rebound sharply in the near future. As in this kind of uncertain market, investors will not prefer to invest or buy risky assets such as Bitcoin.

Detailed explanation-5: -Cryptocurrency can reduce transaction costs and processing time which will help cross-border payments. This is beneficial to remittance payments, foreign trade, and peer-to-peer financing. India is one of the world’s fastest growing cryptocurrency markets.