I wrote about attending the Mint Enterprise Technology Summit in Bangalore recently. There I had the chance to meet and network with top-management of Indian-arm of MNCs as well as startups.
During my discussions one thing became absolutely clear and very quickly. Basically-people in India are highly mis-informed about the legality of cryptocurrencies.
On my blogs I try my best to inform everyone about the facts surrounding the RBI circular and the resulting issues. However, most people including some of the top professionals in the Indian IT industry are under the impression that Bitcoin and other cryptocurrencies has been banned by the government.
I blame it on the massive news media FUD that we saw in India earlier in the year and many times over. This ensured panic selling from everyone, including some of these people who are otherwise very smart with their money choose to sell and exit their positions, not because the market was falling but because there was a ban imposed.
There is no ban imposed by government and unfortunately even today many are unaware of these issues.
That's why it's important to ensure that we pay attention to what the media say but it's crucial that we do our own due diligence when it comes to any financial investment. I interacted with nearly 30-35 people that night and many were under the same impression although they realise the importance of public blockchains and cryptocurrency.
However, it was great to speak to them about this matter and clear the air. Many are very enthusiastic about the evolution of currency as we know it so I left that night feeling very positive about the whole thing.
Has your experience been similar or different interacting with your peers?
Just for the record the case against RBI is still on-going at the Supreme Court and I will be back with more updates on the matter as things move forward. You can also read why RBI cannot ban p2p trading of Crypto here!
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