The Indian crypto community is quite disappointed due to the continuous delays over the decision to uplift the banking ban on crypto use in the country. The government has assured numerous times that the crypto regulatory framework is on the verge of completion, and the Supreme Court was supposed to hear the case on March 29th, after it gave a 4-week ultimatum. However, on the date of hearing the judges postponed the hearing to July 23rd after the request from the drafting committee.
The March 29th hearing has got the whole of Indian crypto community rallying in support for positive crypto regulations. Blockchained India, a blockchain focused startup has also conducted several road shows followed by the open town hall meetings, where it asked for the public suggestions on the crypto regulations and promised that the best ideas will be put forward to the drafting committee.
However, the decision of the supreme court to delay the hearing left every enthusiast distraught and fuming. Many have complained that if the government continues its passive stance, India who is already lagging behind in crypto race by years, would miss the train completely.
Crypto Community’s Appeal To The Finance Ministry and Central Government
Now, that the next hearing has been set for July, the crypto community has been protesting and appealing to the finance ministry and central government to put some serious thought towards the crypto community. These crypto enthusiasts want the government to take advise from the stakeholders of the field rather than maintaining a status quo.
India has already missed the dot com boom in the late 90s due to the same passive stance towards new and upcoming technology and looking at the progress made by other countries in the field of crypto regulations, India has already put itself in the zone where it would be quite difficult to catch up with the rest of the world, if necessary guidelines are not put in place.
The caution from any government towards new technology is understandable but a total passive stand can actually be harmful in the long run. The pace at which blockchain and crypto are progressing, the future seems to be bent towards digitization.
The best way to move forward is to have a healthy discussion with the experts and stakeholders of the field to understand the pros and cons of the technology, and then find a middle ground which will be commutatively beneficiary for the society.