Just days after the Supreme Court of India overturned a ruling banning banks from serving the digital currency industry, efforts to educate Indians on digital currencies are in high gear. One of the country’s largest exchanges CoinDCX has now invested 10 crores INR ($1.3 million) in a campaign geared towards supporting the growth of the digital currencies industry.
The number of digital currency users in India currently stands at 5 million, just 0.5% of the population. This number can grow tenfold, CoinDCX believes, and education is the best way to make this happen. In a press release shared with CoinGeek, the CEO of CoinDCX, Sumit Gupta remarked, “We believe, however, that by educating consumers and combating negative preconceptions of the industry we can boost the number from 5 million to 50 million, so that everyone can unlock the benefits of digital assets. In order to achieve this seachange, we are working with a host of industry partners and implore all like-minded businesses to help us work with consumers to — ‘Try Crypto’.”
The $1.3 million will go towards a number of initiatives, all geared towards promoting the use of digital currencies in India. 15% of the funds will go towards educational initiatives, seminars and online courses. Roadshows and awareness campaigning will take 25%, as will community engagement and meetups. Product trials will take the biggest share at 35%.
CoinDCX will target first-time digital currency users, a group that usually finds the industry daunting and end up being easy targets for scammers. It will do this through an online course, DCXlearn. It also intends on partnering with top Indian universities to promote digital currencies education.
The exchange will also partner with other stakeholders, including Cashaa, a digital banking platform that supports digital currencies. Cashaa’s CEO Kumar Gaurav believes that the TryCrypto campaign will go a long way in supporting the growth of the digital currency industry in the country.
He stated, “With the Indian cryptocurrency sector expanding faster than ever before in the wake of the RBI ban being lifted—the TryCrypto campaign is the need of the hour. Education is more important than ever if we intend for more people to be a part of the crypto community. We at Cashaa firmly support the initiative and are proud to be a part of its future activities.”
Other partners include blockchain startup Inblox Network and Amesten, an asset management company. CoinDCX will also partner with Indian digital currency news outlets CoinCrunch and Cryptokanoon.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.