Binance also emphasized the lack of education as a barrier to crypto’s wider adoption in India, stating that Indian regulators and lawmakers see it as a major problem.
Binance, a cryptocurrency exchange, launched three key educational programs to help Indian investors and students learn more about the crypto and blockchain ecosystem faster.
Binance pointed to the importance of investors’ awareness of crypto and blockchain, but it also acknowledged that Indian regulators and policymakers consider a lack of education to be a problem that presently obstructs widespread crypto adoption.
One of Binance’s three educational projects, which is focused on India’s student demographic, involves the creation of the “Blockchain for Good” Ideathon, a platform for college students to propose ideas for making cryptocurrency more accessible and inclusive.
Binance joined forces with crypto influencers and educators including Neha Nagar, Aditya Saini, and Kashif Raza to host a free webinar named Crypto for All that started on May 1. The crypto influencers will concentrate on explaining the fundamentals of blockchain technology and cryptocurrency while debunking common misconceptions about cryptocurrency trading.
Kashif Raza, the founder of Bitinning, spoke to Cointelegraph about the Indian landscape. He said that “the major roadblock in the current crypto education system is that there are not enough platforms providing education in a simplified manner.” He also recognized the importance of providing educational information in a variety of languages, as the Indian community is very diverse.
Binance’s third project is the Learn and Earn program, which allows users to earn cryptocurrency by learning about the crypto and blockchain ecosystem. Raza, a long-standing crypto educator in India, praised Binance Academy’s role in keeping up with the most recent educational material.
Binance’s APAC head, Leon Foong, highlighted the under-exploited potential in educating India’s young people:
“We aim to provide the correct incentives for customers to do more thorough research and make better informed investing decisions.”
As a title sponsor for its cultural festival Rendezvous, the crypto exchange has partnered with one of India’s top-tier institutions, the Indian Institute of Technology Delhi (IIT Delhi), to demonstrate use cases, including nonfungible token (NFT) tickets and certificates, fan tokens and proof-of-attendance protocol (POAP).
On an end note, Raza recommended fellow Indians educate themselves about the crypto ecosystem before making investments:
“Learn first, then think about making money. Web3 > crypto, therefore one must understand the technology behind it and attempt to create a profession in it.”
The Indian government’s decision to impose hefty taxes on crypto investors has brought clarity to the government’s attitude toward the developing ecosystem.
In early April, Coinbase Ventures, a subsidiary of American crypto exchange Coinbase, conducted an in-person pitching event in Bangalore, India, with the goal of investing $1 million in Indian cryptocurrencies and Web3 projects.
Coinbase CEO Brian Armstrong and Buidlers Tribe Co-Founder Pareen Lathia revealed that the company plans to utilize India’s software talents to help accelerate economic and financial inclusion goals in the country. In response to Cointelegraph’s question about how the new tax law will affect foreign investment, Buidlers Tribe co-founder Pareen Lathia said:
“Tax legislation is only one step forward. This is a paradigm shift, and rules will eventually catch up.”