One of the things that 2020 will be remembered for is when the cryptocurrency creed emerged from its corner and took centre stage in discussions around technology, policy and finance. Bitcoin prices have breached highs last seen in late 2017.
Multiple governments across the world are investing in developing Central Bank Digital Currencies (CBDCs), which are digital versions of national currencies. The incoming Joe Biden administration in the US has announced its intent to invite crypto experts. China is a global crypto leader, and a good chunk of the leading crypto companies, including exchanges and mining, are from the mainland or are founded by Chinese-origin entrepreneurs based out of Hong Kong and Singapore.
Against this backdrop, it is surprising and disappointing to see the government of India drag its feet on clarifying laws around cryptocurrencies. For the thriving crypto community in India, progress has come in fits and starts. While the Supreme Court revoked the Reserve Bank of India (RBI) ban on rupee transactions, there is still uncertainty. Given the importance of this emerging technology, here are a few things that the Indian government needs to do immediately so that it does not get left behind in the crypto race.
Read more: https://www.livemint.com/opinion/columns/steps-that-will-help-india-stay-in-the-crypto-race-11607875218551.html