There has been a huge debate not only among the whole Indian crypto community but also all around the world on India's stance against cryptocurrency. When the recent ban on cryptocurrencies in India was overturned a lot of old players came back to Indian markets with several new being set up every day. But this was only a short-lived victory as another bill was drafted (not passed) which detailed on severe punishment on users holding as well as trading in cryptocurrencies. There is still a lot of misinformation, assumptions in the market about crypto without any concrete information about whether this draft is to be passed or not.
With huge potential in not only corporate and financial scenarios but also in achieving mass-adoption, India is set to play an important role when it comes to Cryptocurrencies. This is being recognized by Indian companies as well as evident by the partnerships of Indian organizations with blockchain technology and various blockchain firms. Largest organizations (TCS, Zee, Mahindra, Reliance) are trying to dabble in crypto exchanges as well as utilizing blockchain tech.
The recently held webinar titled Cryptocurrency in India included Nischal Shetty (Founder, Wazir X), Siddharth Sogani (Founder, CREBACO Global), Sanjay Khan Nagra (Partner, Khaitan & Co.) and Subhash Chandra Garg (Former Finance & Economic Affair Secretary) was hosted by Rashmi Deshpande. With an aim to discuss cryptocurrencies current state in India, the Government's attitude towards crypto, and the need for regulatory norms for crypto, the webinar was held.
According to Mr. Garg, the draft had such severe punishment because Crypto is not a real currency but a counterfeit one that attracts severe punishments. He was supportive of DLT & Blockchain technology but said cryptocurrencies can not be treated as currencies but as a form of commodity and assets, that too will require regulations on cryptocurrencies.
To this argument, Nischal Shetty said they agree and though cryptocurrencies does have similarities with traditional currencies and also operates as them but they are not here to replace the traditional currencies. Panelists also welcomed the suggestion of treating crypto as a form of commodities.
Ther webinar overall seemed very pro-crypto even though crypto will require regulations. So as for now, it looks like Crypto will have a future in the country.
You can watch the whole webinar below.
