A meeting of Indian parliamentarians and representatives of the cryptocurrency industry agreed with the decision to regulate this industry. By abandoning the idea of banning, this is one of the biggest political victories for the market.
“There was a general consensus among parliamentarians that there should be regulation rather than banning it”, an unnamed source told the local media.
Representatives from Indian cryptocurrency exchanges such as WazirX, Coinswitch Kuber and CoinDCX attended the meeting, as well as members of the Blockchain and Crypto Assets Council (BACC), chaired by the Indian People’s Party and Jayant Sinha, former Minister of Finance.
“It is clear that the government must present something before the budget session. That means he would try to complete something in the winter session”, said a source.
The budget session will take place in February of next year and as formalized, this could be tantamount to opening up a huge market.
Since the Supreme Court’s overthrow of the Central Bank’s imposition in 2020, the cryptocurrency industry has grown significantly, even Coinbase, the largest US exchange, has opened an office in India.
Some estimate that 100 million Indians use cryptocurrencies, putting the country as one of the largest in the world, by comparison, there are estimated to be between 20 and 30 million users in the US.
India just saw the appearance of its first unicorn last August, after CoinDCX, a Mumbai-based cryptocurrency exchange, hit a valuation of US$1.1 billion (R$6 billion).
India’s focus on services can merge well with the cryptocurrency industry, especially considering that its workforce is well-skilled, especially for speaking English.
The future establishment of certainties regarding cryptocurrencies, therefore, may well transform this market and generate more jobs in the country.