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India to Legalize Cryptocurrency

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The Indian parliament has concluded with the decision to regulate cryptocurrency  after a meeting with crypto representatives. 

On November 15, the parliamentary standing committee on finance met with representatives of major Indian crypto exchanges like WazirX, Coinswitch Kuber and CoinDCX , Blockchain and Crypto Assets Council (BACC), and other industry insiders for the first time ever.

However, the Reserve Bank of India (RBI) has been vocal about its concerns regarding cryptocurrency and is keen on banning the use of private crypto. The government, on the other hand, has indicated its preference toward classifying crypto as an asset class, similar to gold.

The Indian government was very clear that it has to bring out something before the Budget Session.The budget session is in February when all this might be formalized in what would amount to opening up a huge market.

The India crypto industry has grown significantly to the point Coinbase opened an office in India since the overturn of the central bank diktat by the Supreme Court in 2020.

The country minted its first unicorn in August, after CoinDCX, a Mumbai based crypto exchange, reached a valuation of $1.1 billion. There are some estimates that India currently has 100 million crypto users.

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Fitness trainer Yash Vardhan Swami said crypto has become too big to ignore this year.

“I’m looking at it as an automatic investment. It is something that interests me, but you know I haven’t done deep research on that. I have seen a lot of smart people talk about it. It does seem a little risky, but I would like to have some money into it, so it is an automatic investment for now,”  

The 26-year-old, who has clients in Chandigarh and Ludhiana paying in crypto for his services, said. Apart from Bitcoin and Ethereum, he also accepts payments in Dogecoin, Polygon’s token and Cardano.

Someone aware of the discussions held during a meeting reportedly said the overall view within the cabinet is that the steps to be taken should be “progressive and forward-looking” with regards to the blockchain technology

India’s focus on the service economy can merge well with the code based crypto industry especially considering their fairly  labour force that is fluent in  english.

The coming establishment of certainty regarding cryptos therefore may well turn this somewhat forgotten market into a hotspot.

As  observers, we  expect Indian lawmakers to deliberate on the much-awaited crypto legislation,hoping it will yield positivity. 

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