Think about Silicon Valley of the early 1990s — a place where young engineers were trying to make sense of this shiny new thing called the internet. In 1990, the internet was available in select American cities. By 1995, it was all over the country. India saw the internet’s commercial launch exactly that same year in1995. The result is, today we are a the cusp of 500 million internet users. India is one of most data-hungry countries in the world. Its e-commerce market is one of the world’s largest. The next wave of seismic change can come from blockchain and cryptocurrencies.
The opportunity is open to lead this revolution. But where is India?
A Reserve Bank of India (RBI) notification on April 6 barred all regulated entities — commercial and cooperative banks, payments banks, small finance banks, NBFCs and payment-system providers — from dealing in cryptocurrencies. the impact is not limited to the financial system. India always adopt the technology when rest of world will be reached at peak.
Banning one it does't mean banning the other, indian government thinking about blockchain which can help the country from banking to education system but uncertainty miring crypto isn’t good news for India’s blockchain aspirations.
This is a battle that has governments and traditional institutions grappling with the potential end of the status quo on one side, and the crypto community on the other.
Government also thinking about operators who run Ponzi schemes around cryptocurrencies.
It shows has no future but the truth is somewhere in middle.
Indian Government also thinking about parreller market going on in indian economy. can impact by this?
Government trying to find out the middle ground. RBI calls is neutral, nonconclusive position. From the beginning, the RBI has made it very clear that it is neither fully supporting cryptocurrency nor fully banning it. Nowhere in its decision has the RBI that the technology, blockchain, digital currency is bad. the RBI’s move also hints that people are trading in cryptocurrencies at their own risk.” As per Government crypto investments as an inherently volatile concept that investors need to be shielded from. But it is also examining the possibilities that blockchain as a platform offers. But the two are not exactly mutually exclusive.
But government should undertand that, blockchain without cryptocurrency or token are just data network not value network. countries that are not open to blockchain network will loose their competitive advantage in long term.
Afterall there is buzz about own fiatbacked cryptocurrecy from indian government.
But its clear now that government wants to full control on it.
Let see what happen but The best course of action is to decisively lean towards the US model of innovation with sandboxed regulation rather than stay paralysed by fear of the future.
What's your view on it?