Two of the world’s superpowers, China and India, have not been embracing the cryptocurrency markets whatsoever, even if they both might recognize the value of blockchain. Specifically, China has appeared to take the harshest stance, and many have wondered whether India will continue to be just as harsh, considering that the stance of the two countries could end up having a ripple effect throughout the region.
It appears as though India might finally be coming around to providing some clear regulatory framework, after much confusion and indecision surrounding the sector. This is being reported by local media, who filed a Right To Information (RTI) request in December of last year.
Details About Regulation
There have been individuals in the Indian government that have both spoken in favor of and against cryptocurrencies, and many have been waiting for a report to be submitted to the Department of Finance. In the aforementioned RTI – questions were raised about whether there would be a final Bitcoin ban, or whether the report has been submitted. Apparently, the Indian government has responded that the report is in the “finalization stage”.
Many wondered whether India would ultimately decide to simply ban cryptocurrency, since it certainly appeared as that might have been a possibility. Many believed that the subcontinent would ban cryptocurrencies in October of last year. However, India hasn’t made a clear decision one way or another.
India has a robust population of over 1 billion people, and even globally-known financial players such as Tim Draper, one of the most famous venture capitalists in the world, has suggested that the country should actually replace the rupee with Bitcoin.
Many were stunned at the fact that the country arrested startup founders over a cryptocurrency ATM, for example. Either way, the report will reportedly soon finally be revealed, after several delays.