Posted 10 months ago | by Ben Armstrong
Indian Legislature Forgets Crypto Law – Ripple CEO Sees Huge Opportunities in Nation
Rumors about how crypto legislation may unfold in India are swirling. Despite early reports that a law that would ban crypto would be introduced to the current session of the Indian Parliament – no such law has been put on the agenda.
According to Tanvi Ratna, who is the CEO regulatory advisory firm Policy 4.0,
“Cryptocurrency ban legislation does not appear in the list of 45+ bills on the agenda for the 18-day session. This is big news, though this could change & there are other routes for govt.”
Of course, no one knows what the Indian government is going to do – and based on how poorly it has handled crypto regulations so far – it is fair to assume that the Indian government will continue to botch crypto.
The real issue for India is poor governance, and this extends well beyond the crypto space.
Poor ideas – and terrible execution – are largely responsible for India's relative level of underdevelopment. Less regulation across the board would be great for the nation – but it isn't likely to happen.
Crypto Would Help Regular Indians – Not the Entrenched Interests
India's population is among the poorest in the world, and they are at the mercy of a government that is at best – ineffective. The recent COVID19 lockdowns were a perfect example of how stupid the Indian government is – and how the rights of the poor fall prey to idiotic political Indian philosophy.
In the world of Indian crypto use and regulation, there isn't much that helps the poor of the nation. Instead of embracing the new technology – the Indian government has done everything it can to stop its use.
Brad Garlinghouse, the CEO of Ripple, commented on the situation:
Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens. https://t.co/ffMUIQOnA7
— Brad Garlinghouse (@bgarlinghouse) September 16, 2020
Garlinghouse is correct, and his company could help people in poor nations to access advanced financial services at near zero cost – but the Indian government is doing what it can to keep the poor people as poor as possible.
Access to banking services is a big part of building wealth, and with a terrible track record in helping its poor to advance economically – it should be easy to see why the Indian government is keeping cryptos in legal limbo (basically impossible to use legally).
It isn't Only the Indian Underbanked that Suffer
Like most self destructive narcissistic control freaks, the Indian government doesn't understand that its pathological obsession with the monetary system is costing its software and financial industries dearly.
The Indian government would like to attract more global players to Mumbai, but no one is going to want to deal with a government that won't deregulate the banking industry – and allow grass roots innovation in a nation of nearly two billion people.
The idea that any Indian city could become a global financial hub is laughable – given how poor the Indian government is a creating a competitive regulatory environment.
The same thing is true for blockchain development – as few companies would choose to found in a country that won't allow crypto to be used in the domestic economy.
Places like Singapore, Switzerland or Malta make a lot more sense, which puts the Indian economy at a severe disadvantage when attempting to move up the value ladder. While the small, open minded nations make sane crypto regulations – prime markets like India are being left behind.
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