Cryptocurrency and India

Finance minister Nirmala Sitharaman recently asserted that the cryptocurrency bill is before the Union Cabinet and it is likely to take decision soon.

The bill was supposed to be presented in the parliament during monsoon session but did not happen due to varying circumstances. The bill proposed that all private crypto currencies except any and every digital currency issued by the state. But crypto experts are hoping for the best.

Edul Patel, CEO & Co-founder of crypto trading platform Mudrex, says, “We could expect an accommodative and progressive stance by the government towards cryptocurrencies. The government is expected to evaluate all possible aspects. All these events transpire to positive expectations from the cryptocurrency bill.”

In its report an inter-ministerial panel on cryptocurrency under secretary (economic affairs) had studies issues around virtual currencies and proposed specific actions.

Looking at the growing opportunities in this space, Siddharth Menon, COO of cryptocurrency exchange WazirX, says calibrated regulations that encourage the industry and safeguard consumers will help the ecosystem grow. “We don’t know the details but we expect it to be positive. Once we have more details, we will comment. Else it will be purely speculative,” Menon adds.

Looking at the growing opportunities in this space, Siddharth Menon, COO of cryptocurrency exchange WazirX, says calibrated regulations that encourage the industry and safeguard consumers will help the ecosystem grow. “We don’t know the details but we expect it to be positive. Once we have more details, we will comment. Else it will be purely speculative,” Menon adds.

Some experts say India cannot be as a laggard when the world is rapidly moving ahead with blockchain technology. This has led to reports that crypto as an asset class might be allowed in India but the government will not accept it as legal tender as yet.

Crypto enthusiasts are betting on analyst views that say there might not be a blanket ban on cryptocurrencies. Menon is among those who does not think a blanket ban is possible. The government has understood crypto assets are not a threat to national currency. “Also, this is a new and growing global fintech industry. India cannot stay behind,” he adds.

Banning cryptocurrency would severely affect a lot of people in India as there are several startups revolving around cryptocurrencies and more than 15 million people invest in crypto in India.