India's Complex Relationship with Crypto

A blow was struck to the crypto community in India in late April as reports circulated regarding a proposed ban on cryptocurrencies.

India has a strong and passionate community of crypto enthusiasts their steadfast belief in the value of cryptocurrency does not appeared to be mirrored in the diverse organs of the Indian state.

Where does the indecision surrounding crypto in India stem from?

"The present stance of RBI has not only reduced the number of transactions that happening for buying and selling of cryptos but it also has hurt the sentiments of Indians. To get more adoption and acceptance of crypto, initially the government should first clear its stance about crypto followed by the lifting the banking ban for these transactions and finally coming up with the suitable regulations for both trading and payment systems of crypto."

Despite an unstable crypto environment in which any potential fintech advancement could help bring about wider adoption, not all members of the crypto community were on board with the digital currency initiative to begin with.

The atmosphere darkened for Indian crypto enthusiasts to the extent that false media rumors regarding a country-wide ban in early February 2018 led to a drop in crypto markets at the time.

With the government's indecision regarding cryptocurrencies ostensibly representing the most significant hurdle for adoption and usage in India, it appears that the quantity of theories seeking to explain the government's position on crypto are as numerous as the committees set up to decide its fate.

"I think there is a need for running general awareness programs about Blockchain, Crypto and Crypto frauds.

With the government's track record of changing its attitude toward crypto several times in quick succession, it looks like crypto is set to have a complicated path toward acceptance in India, should it ever get to that point.

With mixed signals from the current government and the spectre of a potentially damning new bill lurking in the shadows, the future of crypto in India remains to be seen.