India's regulation on crypto policy yet to be decided
India's financial regulators are still skeptical about blockchain technology and its potential in near future, seems against all odds the country's rules on crypto use are yet to be determined as unfavorable decisions against crypto users are introduced lately a 30% tax levy on crypto users was announced which will be implemented on 1 July 2022, this has made lots of crypto enthusiast ask if Indian government will see the need to embrace blockchain tech. with the new rules, most crypto traders and investors will be cutting edge for alternative exchanges where they will trade, also local exchange Waziri exchange has lately seen a decrease in users' activity with trading volume dropping significantly.
India was ranked, among countries having a considerable number of users embracing the fast-developing blockchain technology, seems regulations have always been a big hindrance for blockchain adoption although rules are what make every social society thrive.
A press release report from Indian financial minister Nirmala Sitharaman stating a crypto-based policy in the country will not be taken irrationally as much scrutiny on how crypto use and its impact are still reviewed by financial experts according to her blockchain technology has lots of potential so far making decisions that will hurt crypto believe are not in their interest, she reiterated on crypto transactions used for illegal money laundering which have always been a negative drawback for the crypto ecosystem.
Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it, but to define for ourselves how we need them and in what ways their growth should be facilitated, and how we are going to handle it.
source
The above statement doesn't seem to add up as rash police on crypto use in the country are been implemented, users have also been banned from conducting crypto-fiat transactions with delay in processing transactions taking days to be processed on Indian centralized exchange.
I suppose the mister just wants her audience to hear what they needed to hear, while behind closed doors tight regulations are been impose on citizens.
Either way blockchain technology will still drive mass adoption time will tell I suppose regulating crypto isn't a bad idea as every financial service needs a governing set rule but making unfavorable rules will affect those who would be benefiting from the system.
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The fight against cryptocurrency is huge in my country, government policies come up everyday to close accounts that are associated with cryptocurrency, but i am sure that regardless of these policy, blockchain will strive.
Sure, these are challenging moments for the crypto space a lot have been done to bring blockchain network down regardless it has still stand firm which it will continue to do thanks for sharing.
The current crypto regulation scene is in utter chaos. One the lack of clarity and secondly the interpretation of them at the implementation level can and are causing a havoc
You are right lack of clarity towards what blockchain is offering has delude regulators on the potential of this technology its our duty to enlighten them on the cons of blockchain.