• CoinSwitch, the unicorn crypto app, said it is cooperating with the Enforcement Directorate (ED) while the central agency searches the company’s office.
• CoinSwitch is India’s top crypto app.
• CoinSwitch, valued at $1.9 billion, is the largest crypto company in India.
• It is backed by some of the world’s leading investors including a16z, Tiger Global and Sequoia Capital.
• Cryptocurrency is a virtual currency that is encrypted by codes using Blockchain technology.
• The encryption process makes the currency secure against counterfeit.
• At the moment cryptocurrencies are legal financial assets but they are not recognized as legal tender by countries except El Salvador which means, these assets hold value but cannot be used for the sale or purchase of commodities yet.

Crypto Rupee Index (CRE8):

• It is the country’s first benchmark index released by the CoinSwitch to measure the performance of the Indian Rupee-based crypto market.
• CRE8 is capable of tracking the performance of eight crypto assets that represent more than 85% of the total market capitalisation of cryptos traded in Indian Rupee.
• At present, most crypto indices are US indexes. Therefore, do not reflect India’s onshore prices.
• CRE8 is different from other crypto indexes as it is designed specifically for Indian crypto investors.

UPSC Prelims Model Question

Q. Which among the following releases Crypto Rupee Index?

(a) SEBI

(b) RBI

(c) NITI Aayog

(d) CoinSwitch

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