Blockchain and Crypto to Catalyze the India Techade

  • The Indian government has no issues with cryptocurrencies.
  • Raghuram Rajan believes bans have to be implemented carefully without arresting development.

Indian executives are opening up their thoughts about cryptocurrencies and digital assets to the world. One such personality is the Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar.

India’s Electronics and IT Minister at the Itech Law International Conference 2023 informed, the Indian government has no issues with cryptocurrencies. The only underneath consideration is the technology/innovations should follow all the “legal processes” which apply to the particular land.

Chandrasekhar stated:

“If you want to invest in crypto, make sure you go through the RBI, get your LRS eligibility, the dollars as per rules.” 

He also explained the importance of stakeholders while implementing a bill or legislation. The “efficacy, implementation and acceptance” of any legal tender drafted depends on the involvement put in by people and intellectuals.

Indians on Cryptocurrency

A survey result from TripleA depicts that the number of crypto owners in India rounds around 157 million as of July 2022. This is approximately 11.5% of the country’s total population. And a point to remember is India is positioned among the top 30 countries of crypto owners.

Field experts and wizards predict this adoption will increase in the forthcoming years. Also, the gap between the existing financial models and blockchain technology is declining. Raghuram Rajan, former governor of the Reserve Bank of India (RBI), warns private and government banks about the lending and growth problems with respect to digital assets that will surface in 2023.

RBI’s former governor states:

“Allowing some freedom within constraints that might be aimed at getting the excess speculation as well as fraud out – that seems to me a better way to go than to just ban any technology.”

Raghuram thinks crypto does have some bad effects but putting a barrier on the underlying technology will not solve the problems. As the country is booming with new innovations with respect to blockchain. The entrepreneurship industry is witnessing a new boom with regard to the Web3 and DeFi sectors too.

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