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Cardano Founder Explains Why Project Hasn't Penetrated Indian Markets Much

Wed, 12/07/2022 - 13:17
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Tomiwabold Olajide
Cardano has focused on Africa lately but would love to enter India
Cardano Founder Explains Why Project Hasn't Penetrated Indian Markets Much
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IOHK CEO Charles Hoskinson took to Twitter to explain why, despite the potential, Cardano has not penetrated the Indian markets much.

Crypto researcher Sooraj, who commended IOHK's efforts and collaboration with major universities, believes more awareness of Cardano could have been created if it had done the same in India.

Cardano partner EMURGO formally announced its entry into the Indian market with the establishment of the EMURGO Academy in 2019, but Sooraj claims this may not be enough given the magnitude of resources required.

Cardano creator Charles Hoskinson responded to this and explained the reason why Cardano has not entered the Indian markets as much as it would like to. 

He noted that India has a strong anti-crypto stance, with the government making multiple attempts to outright ban crypto and make its use illegal. He continued by saying that while he would certainly love to enter the market, doing so appears to require someone familiar with it.

Sooraj agreed with the Cardano creator that India remains a difficult market but noted that things are slowly changing. He says Cardano has an amazing academic basis and should be able to leverage that.

In recent times, India's central bank has repeatedly shown its hostility to cryptocurrencies by favoring efforts at complete prohibition, part of which included a 30% tax on any income made on cryptocurrencies, with no deductions or exemptions.

Cardano's focus on African continent

Cardano, on the other hand, has focused on Africa, participating in investments in several African blockchain and fintech start-ups.

Is Cardano Expanding? Charles Hoskinson Is Working on “Something Really Cool” in Papua New Guinea

As reported by U.Today, Cardano's founder hinted at working on "something cool" in Papua New Guinea.

In the past year, Cardano inked a major partnership with the Ethiopian Ministry of Education to create a national attainment recording system to verify grades, monitor school performance and boost nationwide education.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.