One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.” This statement came as the bank scrutinizes crypto transactions in customer accounts.
HDFC Bank Predicts Legal Acess to Crypto in India
HDFC Bank, a leading private bank in India, published a Treasury Research report last week detailing its view on cryptocurrency. HDFC Bank currently has 5,608 branches and 16,087 ATMs across India. The bank was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994.
“Like most conventional investors, we are yet to reconcile the often-conflicting properties of cryptocurrencies,” reads the bank’s report, entitled “Cryptocurrencies: Fad or Forever?” While acknowledging that cryptocurrency “helped to hedge against sharp movements in other asset classes,” the bank’s economists argued that “its own volatility … is a bit of a dampener.”
Nonetheless, the report notes that “with central banks stepping into the crypto game, essential properties like limited supply of legacy crypto, this is a space that needs to be watched closely.” The bank stated:
We think it is just a matter of time before Indian investors have legal access to crypto plays.
The report further points out that “cryptocurrencies are one of the best-performing assets,” with BTC returning 10,869% since 2015. The meme crypto dogecoin is also analyzed in the report. The bank explained that the “Price of dogecoin depends on narrative” and “There are no fundamentals behind it that can stain prices.”
The bank did not elaborate on what kind of legal access it is referring to. Cryptocurrency is not banned in India and investors can go to a number of local crypto exchanges to buy, sell, and trade cryptocurrencies with INR. Both the central…