Is India losing a lot due to the restriction on the rapidly evolving Cryptocurrency industry?
September 8, 2019
With the economy slowing down affecting many sectors, experts from the blockchain industry raising their voices to the Indian Government to explore the multi-billion Cryptocurrency Technology and to bring standard policies and procedures like various countries following KYC and standard banking rules. This will enhance the economy in many ways.
A blanket ban on Cryptocurrencies will discourage many technology providers, startups and individuals to migrate to various Crypto friendly destinations, which would bring a brain drain for the country. With the shut down of many Crypto Exchanges across various cities in India which has sent wrong signals to various Fintech Organisations across the globe which supports Cryptocurrency businesses.
In a recent press release, The Indian National Association of Software and Services Companies (Nasscom) voiced its serious concerns regarding the proposed banning of crypto assets in India. Nasscom, the apex body for the multi-billion dollar IT industry in India, which supports the government and industry to influence a favorable policy framework. Nasscom feels that new startups in this sector around the world are raising capital in millions through various venture capitals and funding agencies.
Even though the country’s technologists say that the country is advanced in various new technologies, but the global audience understands, where the political system in India takes it slow on various new technologies. New leaders with more knowledge on the latest global trends should emerge to lead a nation’s technical progress. Many of the undeveloped countries across the globe still have leaders in their political system who thinks blockchain means bitcoin and bitcoin means illegal mining or illegal transactions!!!
Some of the top banks in the US and Europe already started their Crypto Trading across various platforms and started to offer cross border payment solutions in various sectors. The International banking industry is already exploring various cross border transaction opportunities which can reduce the transaction fees and the delay between the transactions.
I hope the Indian Government may change slowly once Cryptocurrency brought within the regulatory perimeter. According to International Banking experts, the crypto token-based system is much better than the traditional banking system.
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