RBI (Central Bank) has been playing the ban game for a while and ruling against its citizens to have control over the Indian currency. They have gone to the extent of not allowing fiat to crypto transfer and even taxing 30% on crypto gains making it impossible for entrepreneurs to start any startups or investors to invest in crypto.
Government of India has been going against the will of people for past few years which has resulted in blockchain entrepreneurs to flee out of the country to start blockchain companies. India being technology hub for software engineers has the potential to become at the forefront of blockchain and crypto innovation but stubborn stance of Indian Central Banks has negatively impacted aspiring entrepreneurs. The countries such as Singapore, Dubai, Canada and even UK has attracted such entrepreneurs in massive numbers.
In a recent bank summit, Indian RBI Governor ( Reserve Bank of India) , Mr Das said “Technology needs to be supported but crypto should be banned. Crypto is gambling, in India we don’t allow gambling.”
It’s understandable that crypto is a threat to the power hungry centralized banks and political parties.
Mr. Das statement sounded like Jamie Dimon’s statement couple of years of years ago. At that time, Jamie Dimon, CEO of JP Morgan chase called Crypto as Tulip bubble and even called his daughter in one of his conference for buying Bitcoin. However over the years those mindset has changed and now his bank invests in crypto assets and even has opening for blockchain projects.
CryptooIndia has a clip from the summit:
Central banks of various countries have stopped resisting cryptocurrency and have started working on policy and regulations because they see value of crypto in the long term.RBI must change the mindset and come to middle grounds and embrace crypto which will create confidence in their government and also harbour innovation inside the country.
With the Indian currency falling in the past 10 years, it makes sense to adopt to the every changing tech and adopt to it instead of resisting. This may help on long run assuming right policies and regulations implemented to its citizens.