Until few years back, cryptocurrency was something that was much shunned but today, businesses from all walks of life are embracing the digital currency. Recently, big restaurant tech provider NCR Global acquired a software company called LibertyX to foray into crypto. As far as Indian companies are concerned, Delhi-based The Rug Republic, a decor brand has announced that it will accept payments in the top 20 cryptocurrencies as per market capitalization for its products.
With that said, from being shunned to now slowly being embraced, how did the tides changed for the crypto industry just within a few years’ time? For companies like NCR Global, the need to accept crypto payments was due to the “growing consumer demand”.
In India, the concerns pertaining to regulations and government policies have earlier compelled companies to stay in wait-and-see mode. However today, seeing many start-ups embrace cryptocurrencies and reap fruit, the established companies are convinced about the scope and potential of this digital currency. The entry of big finance players like MasterCard, Visa and PayPal is a testament to this.
In addition to this, an increasing number of companies are rolling out services and platforms that would bridge the gap between the crypto and corporate world. Result? Individuals as well as entities can educate themselves on and interact with different cryptocurrencies. More importantly, unlike earlier, regulatory bodies are now more welcoming of crypto currencies today. For instance, news has it that a central bank digital currency is being made for the Republic of India when actually just a year back, the RBI has banned cryptos.
A report by Bloomberg showed that during the first half of 2021, venture capital funds have invested a whopping $17 billion into the crypto industry. Though at a snail’s pace, crypto investments are happening in India too. However, just like its global counterparts, hopefully, more corporates invest in and launch crypto-related products and programs in the coming time.
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