The future of cryptocurrency in India seems to be on the up and up. This is because of a variety of different reasons. Most people may not be aware of this but the Union Government decided to shelve the regulation bill for crypto during the parliament Monsoon session.
The government made delays to the regulation of cryptocurrency in India. What’s more, the RBI also showed its intention of planning to introduce the first-ever digital cryptocurrency in India for ordering virtual currencies that were private. All of these factors heavily contributed to the bullish nature of crypto in India.
There has been a delay in making an introduction to crypto and various regulations in the year 2021. While many people think that this news is not that great, they do believe that the Government has finally started to take cryptocurrency with the seriousness that it should. People also believe that the Indian Government will be very careful in enforcing its regulations and will make sure that they are favorable for all parties involved.
The SC Harg Committee, during 2019, made a recommendation for the Government, stating that it should not let private crypto run rampant in India. One of the biggest reasons behind this request was that they believed that private crypto did not serve the purpose that a regular full-fledged currency would.
In addition to that, private crypto tends to be inconsistent with a variety of functions performed by currency and money. This is precisely why private crypto would never be able to take the place of fiat currencies. The committee being talked about made several more recommendations besides the one we just discussed.
It also requested the government of India to place a blanket ban to make sure all kinds of cryptocurrencies remain out of reach. Another wild suggestion that was made was to illegalize carrying any type of crypto in India.
Sandeep Nailwal who is the COO and Co-founder of Polygon stated that he believed that there would be no crypto ban imposed by the Government of India. However, he did think that the Government would bring forward regulations that would be pragmatic in nature.
The COO further went on to say that he and his team noticed a variety of blockchain teams residing in India. These teams were fully focused on technology instead of crypto-asset trading. Despite all of that, they did not get any kind of attention officially, which is a shame. Despite all of that, the crypto in India remains bullish, which points towards a bright future.