Whenever something new gets implemented in any country the stance of the government about that particular thing is a very big indicator regarding the mindset of the government. The recent case of implementation of the Crypto Bill in India does also reflects quite a lot about the government. If You look at the past about how they've reacted to Crypto and stuff you would get to see a picture that portrays their unclear approaches towards it.
Could've Been Handled Better
Well, the Reserve Bank of India (RBI) was in strong favor of completely banning the entire Crypto thing back in 2018 when the uproar about it was going on in the country, there was confusion among the people in government themselves as people were divided on the aspect. It was finally the Supreme Court of India which gave the decision of Crypto not being illegal.
From this, you can get an idea about how the top authorities think regarding crypto, the biggest factor is that they all are not on the same page which is the biggest challenge in going forward because all these mismatches in opinions will lead to conflicts for sure.
A better analysis of how the entire crypto world works as well as the technology involved behind, after which figuring out a proper plan which won't hamper this already booming sector but rather help it push upwards.
India Always a Slow Starter?
If you look at all the breakthrough innovations in global history, India never became a leader in any of them. Let it be the internet, computer, robotics, and many more, India has adopted them after a very long time it got started off and was seen as a potential revolution in the world.
Most of which should be blamed on the government of the respective periods and the mentality they had. In the case of the internet and computers, the leaders used to say they are gonna be harmful to the nation as they would take over human jobs and would create massive unemployment. Needless to say, the amount of innovation and economic prosperity those things generate today.
Another very important fact to note is that India doesn't lack talent or innovative brains, the evidence lies in the top positions of the top companies in the world being Indians as well as the number of startups, engineers, and doctors India generates each year.
In the case of Crypto, it's being treated the same as Gambling which really feels bad being a crypto enthusiast. But as the blockchain tech looking to be the next big thing. India would surely regret like it always has these breakthrough things by their negligence at the time it was perfect to grasp.
Should Have Been a Perfect Chance to GRAB Crypto
India is a huge market with the highest number of investors in Crypto, startups in crypto popping up and foreign investment rolling into the country, it could have been a great chance to accept crypto with a positive outlook and boost it towards newer heights.
Something similar to what El Salvador did could have been implemented in India, and trust me that could've meant enormous foreign investment, upliftment of Indian traders and at the end of the day an increase in the GDP of the country.
But rather what India has done would mean Indian traders quitting, many people misusing loopholes, people won't try innovating in the blockchain technology, and exchanges operating in India closing operations. It is already evident from the stats given by WazirX which says more than 50% drop has been seen in intraday trades right from the day taxes came into effect.
The way ahead?
Chances are we would definitely see changes coming in the way India deals with Crypto for sure as it will be too good to stay away from in less than a decade from now. But for now, we would definitely witness some short-term negatives as the dust settles down. Hopefully, it won't become too late before the government acts the way it actually should.
