Reports have claimed that under the MoU, the responsibility of launching India’s ETF has been entrusted to launch in three parts – India will be the INX trading platform. Cosmi Financial Holdings will do the distribution and Kling will act as the trading technology partner.
ETFs will allow more and more people in the country to use their capital or assets in the crypto sector. It is expected to be launched by the end of this financial year.
IndiaInfoLine quoted V. Balasubramaniam, Managing Director and CEO, India INX as saying that we will launch products related to these new age properties after obtaining necessary approvals.
What are Exchange Traded Funds?
ETFs are financial products that are regulated and can represent a wide range of different assets. ETFs track the price movements of assets such as Bitcoin or Ethereum. This gives people an option to profit from the price trend without having to own a single unit of the asset.
An ETF is a type of price-tracking trading contract that is entered into by parties. The first bitcoin futures ETF was launched on the New York Stock Exchange on 19 October 2021. At that time the valuation of bitcoin had increased to $ 64,476 (about Rs 48,51,174). In this way, the token had reached its last high of $68,000 (approximately Rs.50.3 lakh).
It is worth noting that the stand of the central government regarding private cryptocurrencies in the country is visible. The central government has prepared a bill regarding digital currencies. According to this, the proposed law banning the use of cryptocurrencies in the country can also take action against those who violate it. Those who violate the law can be arrested without warrant and they will not get bail.
<!–
–>
.
The post First Bitcoin and Ethereum Futures Exchange-Traded Fund (ETF) Outside the US In India! appeared first on Business Khabar.
