Bitcoin Ban in India

Indian Crypto Dilemma and What Future Holds for Indian Crypto Community

The Indian crypto community has been on their heels, anxiously waiting for the central government to release their final report on their regulatory framework, which has been procrastinated several times.

Last year in April, the Reserve Bank of India released a circular stating a complete ban over the use of crypto in the country. This was challenged in Supreme court by the internet and Mobile Association of India (IAMAI), citing the ban was unconstitutional.

The Supreme court then gave a 4-week ultimatum on February 25th to the drafting committee designated to finalize the crypto regulations. The 4-week deadline ends on March 29th and this has got every crypto enthusiast anxious over the outcome of the March 29th verdict.

While the drafting committee has assured the government that it would be able to present a finalized regulatory framework before the deadline, but the crypto community in India does not want to leave anything to the fate and they are doing everything in their power and capability to ensure that the government understands the importance of cryptocurrency and blockchain and how the technology will create new world change the future of economy and governance.

Blockchained India is one such firm who have taken it upon themselves to educate the masses of the impact that the technology can create and has started a nationwide crypto movement. The crypto movement is conducting a number of roadshows and open town hall meetings, where the participants are encouraged to put forward their views on how the regulations should be to help India become a renowned name in the crypto space.

Blockchained India had planned to do these roadshows in cities, but looking at the interest and demand of the public, now it has been expanded to 8 cities. The co-founder of Blockchained India, Akshay Aggarwal has promised to forward the best suggestion given by the community members to the drafting committee. The town hall meeting and roadshows would be followed by the ‘India Dapp Fest‘ where the outcome of the nationwide roadshow would be presented.

BTC Wires got in touch with the founder Mr. Akshay Aggarwal and put forward some of the genuine questions over the pending crypto verdict and how he sees India fairing against the countries which have already realized the potential and invested in it heavily.

Blockchained India Talks To BTC Wire

Don’t you think it’s too late for the putting forward the suggestion to the drafting committee given the deadline for finalizing the draft is almost over?

Nope, there are still delegate meetings pending from governments side to jurisdictions like the crypto valley. The industry consultations haven’t been done properly yet.

In fact, if you ask anyone who is involved in current discussions, the government isn’t looking to take even a single step, it seems to be too lazy to do any work on the front of identifying how to make this work.

I am expecting the status quo from their end as a report
It’s also important to know that this is a report and not a decision.

Do You Think the March 29th Verdict Would Change the Fate of Crypto in India?

The decision is going to be made on the basis of the drafting committee report, but if the industry stakeholder consultations and public sentiment are an important part of any public policy report, then both the things won’t be represented rightly in the report that comes from the government since there is no consultation from the public or the stakeholders of the crypto space.

In fact whatever, partial consultations have been done, it is only to satisfy their bias towards not letting this new technology thrive.

How do you see your approach through open townhall meetings and suggestions impacting the outcome of the regulations?

We are looking to see the change that happens to the mindset when we submit this concrete report. We want to see if there is any change instance that takes place after something of this depth is produced. Sure there are going to be some problems that seem to be coming out in the report for mass adoption of cryptocurrencies, but we are going to find heroes from the ecosystem that go after solving those problems.

There are certain sections in the society who have their reservation over the crypto use and progress in India. These reserved sections believe that crypto would just become another foreign currency and won’t have much use beyond that, what do you think of that?

I have a view that India as a country was a follower till now. We have always been a conservative economy, having said that, personally, I think times are changing now. We have an energetic youth population and much in India is going to change. I am talking as a citizen of a country whose prime minister says that the country follows where the youth leads. Also, I don’t see these assets as currencies really, I see these as assets that are a store of value for sure. I feel the adoption of crypto assets makes sense especially because of reduction of boundaries because of digital lives. The remote work culture, remote life culture also makes so much more sense with crypto assets being the reward mechanism for any positive work.

You see this will help us take a plunge like African countries did in case of mpesa wherein they leapfrogged any kind of wiring systems that the rest of the world saw as a step before going to wireless internet like 3G.

Now this is a lot of good cases for driving adoption, and I think the early parts of adoption are going to be based on this and cases like microfinance possibilities that crypto assets will present

This is a super exciting paradigm shift, we have chances of creating history here, I believe. Hence, Blockchained India and its goal of showing the country and through it the human species an evolutionary step in the right direction.

Final Thoughts

Akshay believes that the country cannot afford to miss out on another major trend which is set to bring in the next industrial revolution. The government’s role is necessary and important but being the largest democracy in the world, the governances need to hear from the stakeholders and the masses.

The Supreme court verdict is scheduled on March 29th and lets us hope the hearing gives us something to rejoice.