The cryptocurrency bill has the potential to propel India to the forefront of blockchain technology, according to industry analysts

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While India’s messaging on cryptocurrency has been mixed so far, CEOs of global crypto exchanges believe that the crypto suggested bill, which is expected to be introduced in parliament soon, will provide India with an opportunity to enact significant legislation. They went on to say that such regulations might help India become a global leader in blockchain technology.

Stakeholders, including regulators, have presented their cases to a committee of MPs, and the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is expected to pass soon.

Because of unclear and contradictory messages, there has been some uncertainty in India over the legal status of cryptocurrency exchanges. While the RBI has raised concerns about the risks of bitcoin to the financial system, North Block wants to regulate rather than abolish the asset class.

“India is putting the most forward looking policies and regulations in place. India has Aadhar, Jan Dhan accounts and our UPI interface. We are on the verge of introducing the data protection bill which I look forward to and also the cryptocurrency bill. So I think we are on the right track,”

Ambani said in an interaction at Infinity Forum.

“India’s politicians have consistently sent out mixed messages, threatening to ban crypto currencies several times, perhaps over fears of enabling the black money markets or (triggering) capital flight. Now is the time to encourage innovation. India is one of the fastest growing economies in the world and is an important frontier for decentralised blockchain technology to penetrate. In turn, crypto currencies are an essential component, without which it becomes difficult to incentivise the decentralised component of the technology, and what you are left with is a centralised ledger, defeating the purpose of the object and severely limiting funding for innovation, ”

said Toby Gilbert, CEO and Cofounder, Coinweb, which operates out of London, Kiev, and Bangkok.

In the fast growing De-fi (decentralised finance) ecosystem, experts such as Dr. Julian Hosp, CEO and Co-Founder of Singapore-based Cake DeFi, warns that entirely limiting cryptocurrencies is just not practical.

Indian regulators should keep in mind that cryptocurrencies are a vital element of the blockchain ecosystem, according to global industry experts.

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