Cryptocurrency exchange Binance has announced the parallel launch of three important educational initiatives aimed at rapid education for Indian investors and students about cryptocurrencies and the blockchain ecosystem. While recognizing the perceived importance of investors on cryptocurrencies and blockchain, Binance emphasized that India’s regulators and policymakers see the lack of education as an area of concern, which is currently hindering the widespread adoption of cryptocurrencies.
Primarily targeting the student demographic in India, one of three educational initiatives launched by Binance involves initiating the idea of “Blockchain for Good”, a platform for university students to come up with solutions that make cryptocurrencies more accessible and inclusive. Binance also partnered with crypto influencers and India-based educators including Neha Nagar, Aditya Saini and Kashif Raza to host a free webinar called Crypto for All on May 1. According to the official announcement, crypto influencers will focus on teaching and clarifying the basics of blockchain and cryptocurrency trading: “Along with providing certificates issued by Binance NFT via blockchain to all attendees, The selected winners will receive large gifts in Bitcoin and Binance Coin (BNB).” Speaking to Cointelegraph about the Indian context, Bitinning founder Kashif Raza revealed that “the big hurdle in the current cryptocurrency education system is that there aren’t enough platforms to provide education in a simplified way.” He also pointed out the need to introduce educational information in a variety of languages to serve a diverse Indian community. Binance’s third initiative is the newly launched Learn and Monetization program that allows users to earn cryptocurrency while learning about the cryptocurrency and blockchain ecosystems. As a longtime cryptocurrency educator in India, Raza emphasized binance academy’s role in updating the latest educational information. Highlighting the untapped opportunity in educating young crowds in India, Leon Foong, head of APAC at Binance, said: “We hope to create the right incentives for users to research more thoroughly and make more informed investment decisions.” The cryptocurrency exchange has also partnered with one of India’s leading universities, the Delhi Indian Institute of Technology (IIT Delhi), as a title sponsor for its Rendezvous cultural festival to showcase use cases, includes indelible token tickets and certificates (NFT), token fans, and proof-of-attendance (POAP) protocols. On the final note, Raza recommends that Indians learn about the cryptocurrency ecosystem on their own before investing: “Learn first and then think about making money. Web3> cryptocurrencies and a person should understand the underlying technology and also try to build a career in it.” Despite the counterproductiveness on some levels, India’s decision to impose heavy taxes on cryptocurrency investors has brought certain clarity about the government’s stance towards the budding ecosystem. In early April, Coinbase Ventures, an investment arm of U.S. cryptocurrency exchange Coinbase, conducted a live offer event in Bangalore, India, with plans to invest $1 million in a variety of cryptocurrencies and India’s Web3 initiative. In partnership with Buidlers Tribe, Coinbase CEO Brian Armstrong revealed that the joint venture company intends to tap into India’s software talent and help accelerate India’s economic and financial integration goals. Speaking to Cointelegraph about the impact of the new tax law on attracting foreign investment, Buidlers Tribe co-founder Pareen Lathia said: “The tax code is just a positive step. This is a paradigm shift, and regulations will catch up.”
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