India Eyes Cryptos to Benefit From Its Potential

Indian investors may get an interesting option to fetch healthy returns within a few years as the country may see the dawn of cryptocurrencies in the region. However, the fastest growing economy is yet to open the doors for digital coins and has not given any such sign. Despite the current negative stance over cryptos, a few Indian firms have embraced blockchain, the technology behind cryptocurrencies for their operations.

On July 23, 2019, a high-level government panel came up with a draft bill named “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.” According to the bill, one cannot buy, trade or invest in crypto-coins. 

However, India is not the only nation to have a stringent perspective towards cryptocurrencies considering its vulnerability. Digital coins, due to their decentralized nature and extreme volatility, pose a considerable risk as an investment. Also, cryptos hold a bad name because of their potential to back major global issues like terrorism and money laundering. Apart from that, crypto investors are easy prey for hackers and thieves. These reasons are enough to push the government to regulate the crypto space, but a lack of clarity has played its part to keep India away from cryptocurrencies including Bitcoins. 

In this scenario, a ray of hope for crypto believers in India has emerged as in the upcoming parliament session of November 2019, the crypto banning bill will not be included. This has started making rounds because of a tweet from Nischal Shetty, the founder, and CEO at WazirX. 

The tweet indicates how the government is open regarding its stance over cryptocurrencies. Giving one more hint of the government’s slowly changing stance over cryptos, BRICS summit has discussed to create a cryptocurrency which can ease the international transactions between BRICS nations which also includes India as a member nation.

Moreover, Indian students now can study cryptocurrency and blockchain technology as the country will have a new course named “Introduction to Blockchain Technology and Applications” at a learning platform by the government, Swayam. This eight–week course may kick-start a crypto era for the country.

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