India is a curious case. At first glance, the Asian country is the hotbed of talent in the realms of finance and technology. However, recent regulations coming from New Delhi’s political chambers regularly play spoilsport.
For years, the government and the central bank have been clamping down with regulations that have crippled the struggling Indian cryptocurrency industry. Taking orders from the Reserve Bank of India [RBI], several public sector banks have in the past, sounded warnings to their crypto-customers, even threatening them with credit card blocks and frozen accounts.
The Indian banking and political elite might not be embracing cryptocurrency anytime soon, but an important movement is underfoot. Can India turn the tide?
As the Indian cryptocurrency industry looks to emerge from the ashes, educating the uninformed populace is pertinent and for the same, a mass information campaign is required. The Economic Times, one of the most respected print and digital media publications in the country, is spearheading this campaign with their latest Op-ed.
TK Arun, Editor at the Economic Times, authored a recent opinion piece, the title of which will not please politicians hell-bent on curbing the crypto-movement. The title, “Why India should not outlaw cryptocurrencies,” may be inflammatory, but the headline’s subtext draws on the cryptocurrency’s towering objective of breaking the “U.S Dollar’s stranglehold.”
Calling the RBI proposal to ban virtual currencies outright and even push out a law that would jail citizens who hold any form of cryptocurrencies “myopic,” Arun asserts,
“India needs to be open to the possibility of using cryptocurrencies for international payments bypassing the dollar.”
Primarily talking about the prospect of “stablecoins” and fiat-linked ones at that, Arun refers to the goal of using a cryptocurrency operating on a blockchain in cooperation with several governments,