The cryptocurrency players in India have had a roller coaster ride thus far. Also, the business has drawn a ton of fire from controllers and policyholders. For instance, Shaktikanta Das, governor of the RBI, previously warned that private cryptocurrencies could precipitate the subsequent financial crisis. If a central bank member doesn’t like Bitcoin, “we shouldn’t be surprised, this is the way it should be. Unfortunately, there is no expectation or space for cryptographic money to fill in India for the following couple of years,” Kumar Gaurav, pioneer, and CEO, Cashaa, a fiat, and digital currency bank, told FE Blockchain.
Furthermore, Das asserted that RBI’s pilot launch of the digital rupee will revolutionize the 21st century and expressed optimism regarding the impact of Central Bank Digital Currency (CBDC). Surprisingly, the Reserve Bank of India (RBI) has reiterated its reservations regarding digital assets before. In its financial stability report earlier in June, the RBI stated, “Cryptocurrencies are a clear danger.” The report went on to say that anything that derives value based on make-believe without any underlying is just speculation under a sophisticated name.
Additionally, global leaders have criticized India’s cryptocurrency policy. In point of fact, the founder of the proof-of-stake blockchain platform Cardano, Charles Hoskinson, noted that the blockchain network has had difficulty entering the market in India due to the country’s strict stance on cryptocurrencies.
India has a strong anti-crypto stance, and the government has made numerous attempts to make the use of cryptocurrencies illegal. Hoskinson added I would love to enter the market, but it seems to require someone who is intimately familiar with it.
Industry experts rush to bring up that in spite of the RBI’s admonitions, the utilization of advanced resources has kept on filling in India for such a long time. In the Web 3.0 space, numerous projects are currently in development. It is difficult to predict how Web3.0 technologies will fare in the long term in India, Karan Ambwani, India lead, dYdX foundation, decentralized trading platform, added. The regulatory environment is constantly changing.
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