India got its first crypto index recently. Known as IC15, the index has been developed by Cryptowire, a crypto super app. The purpose of the index is to monitor the 15 most-traded cryptocurrencies’ performances. The index is also intended to help investors understand the ways in which virtual coin trading happens.
The IC15 index consists of a governance committee, which includes academicians, industry practitioners, and domain experts. These academicians and practitioners will be responsible for maintaining the index. Cryptowire CEO and Managing Director Jigish Sonagara said that the company’s approach in terms of developing the index is to facilitate the development of the crypto market. Sonagara also said that the index will provide a variety of tools to investors to make informed decisions after evaluating possibilities.
A cryptocurrency will be listed on the IC15 index only if it trades for a minimum of 90 percent of the review period’s trading days. It should also be in the top 50 cryptocurrencies in terms of market capitalization circulation during the month prior to the review period.
In recent years, Indian retail investments in cryptocurrencies have skyrocketed, and the IC15 index is set to help retail investments in crypto soar further. This comes as much-needed positive news for crypto advocates in India, who have had to go through some tough days in recent times. India’s government wants to regulate cryptocurrencies and a crypto bill will very likely be tabled in the upcoming session of the Parliament. Recently, various crypto exchanges in the country have also come under fire for evading taxes.