How Should Indians Take the New Crypto Regulation in 2021?

  • It would be a very discouraging step that would finish the interest of foreign investors who are willing to support the burgeoning crypto market in the country.
  • Without the existence of private cryptocurrencies, the Indian counterpart will not be able to provide so many benefits because there would be competition and monopoly could be very counterproductive for the customers.
  • The existence of regulations may make the Indian version of crypto very ineffective in terms of performance and the users may not get all the features of decentralized ledger.
  • The government is relying on the “blockchain, not bitcoin” theory that hasn’t been proven very feasible for anyone.
  • It will force the Indian crypto enthusiasts to buy the cryptos from other countries and some unfriendly neighboring nations can take advantage of that.
  • If India gives a boost to crypto development and promote it like “Make in India”, it can help meet the 5 trillion dollar economy dream. However, with the ban, achieving this would be impossible.
  • Contrary to popular belief, the government understands the true potential of crypto and knows that its ban will not be very conducive to a nation that is striving very hard to achieve major economic goals.

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