The following is the India’s e-commerce market will grow 30% year on year in 2020 From eMarketer recommended by recordtrend.com. And this article belongs to the classification: eMarketer, Electronic Commerce, financial technology.
India wants to strengthen control over cryptocurrency and e-commerce players
The Indian government is focusing on the regulation of cryptocurrency and e-commerce, which may bring significant changes to these two emerging industries.
India is likely to be one of the first major economies to ban cryptocurrency altogether. The government is proposing legislation to ban cryptocurrency, which will punish anyone who buys, holds or sells any form of digital currency. Users will have six months to clear their assets and then fine for encryption related activities. At the same time, the Indian government is developing its own national cryptocurrency framework to address concerns that existing cryptocurrencies are used for money laundering and terrorist financing.
India also plans a policy to promote equal treatment of sellers in the online market. Indian regulators want to implement policies that require e-commerce platforms such as Amazon and flipkart to avoid preferential treatment for sellers.
India has been digitizing its economy in recent years, making it a hot spot for payment providers and e-commerce players. The shift is driven by the growing popularity of smartphones and high-speed networks in India.
According to a McKinsey report, India had 560 million Internet users in 2018, which is expected to reach 750 million to 800 million by 2023. According to emarketer’s forecast, India’s e-commerce will grow by 30% year on year in 2020 due to the continuous growth of paytm and e-commerce participants.
India’s proposed digital currency ban could force existing encryption transactions to move elsewhere, causing them to Miss India’s growing encryption economy. Reuters estimates that about 8 million Indian consumers currently hold about INR 100 billion (US $1.35 billion) of encryption assets. The Indian government wants to shift this demand to its own cryptocurrency framework. At the same time, India’s proposed e-commerce measures may promote fair competition and bring prosperity opportunities to more local sellers, but may make it more difficult for companies such as Amazon to operate freely in the market.
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