Although the Indian government is still working on the much-anticipated cryptocurrency bill, CoinSwitch has introduced the Crypto Rupee Index (CRE8) for its consumers in an effort to make digital assets accessible.
The largest crypto investing app in India has created an index that will track the performance of the crypto market in terms of the rupee. The program will first monitor Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and four other key crypto tokens.
These digital assets account for over 85% of the total market capitalization. The index will display real-time trade data from the app’s approximately 18 million users.
Indian investors have been relying on international indices based on the US Dollar, according to Ashish Singhal, Co-founder of Coinswitch, in a Twitter thread.
These statistics, however, do not reflect the true state of the Indian crypto industry. He went on to say that they are missing the true supply and demand dynamics of the growing Indian investment base. CRE8 will make every effort to rectify the situation.
According to Singhal, the index would keep customers better informed, allowing them to make better financial decisions.
He stated that this demonstrates their long-term commitment to bringing clarity to the cryptocurrency sector. Every quarter, CRE8 will be rebalanced to keep up with the international market.
It was previously reported that the Indian government is close to releasing a consultation paper on cryptocurrency.
It was discussed by the authority with the World Bank and the International Monetary Fund (IMF). However, it is unclear whether the recommendation will have any impact on the country’s crypto legislation. A bill relating to digital assets is scheduled to be introduced in the Indian parliament soon.
