Regulatory Uncertainties Block Crypto EntryDavid Kemp
Uncertain regulations can do no good for industries and institutions. If the country is large and densely populated, then we can be sure innovations and modern technologies are necessary to make the lives of millions of people more convenient, secure, and safe.
India is one of the largest and most populated territories on the planet and there is no way the country’s government can ignore the most recent solutions in various spheres.
Unfortunately, according to numerous news reports, uncertainties in regulations have blocked many banks’ entry into the crypto community. Nowadays crypto market analysts are discussing the appeal of Indian banks to the crypto industry.
Some of the leading business people and research teams have already shared their views and opinion during the latestinterview. As they claim, banks in India are ready to express a very strong interest in cryptocurrencies.
However, they feel skeptical of moving forward to this sphere just because they face a lot of uncertainties in the regulatory system. Specialists announce that Blockchain.com cannot boast to have a gateway for payments across the country and the reason is still the same.
All participants hope that this will become a goal for the company. A few days ago, representatives arranged awebinar during which they discussed regulations set for Indian institutions. Banks do not deny the fact that they are willing to get involved in the program. Cryptocurrencies are their field of research, too.
Source of image: Coin Crunch India
Officials approach developers since they seek guidance and advice – no doubt, they are ready to explore the crypto space as well as technologies that are full of opportunities. International transactions can be more efficient and prompt if the country accepts blockchain and lets it enter the banking system.
Risks of Falling behind Other Hubs
At the same time, professionals remind us that there are other hubs that India risks to fall behind. Since 2018, the country has been experiencing numerous failures in businesses related to crypto and blockchain. That was due to the lack of definite regulations. Analysts think that there was not enough banking support, either.
On the other hand, officials say that there has been visible progress. They noted that the system involves other regulators that are not yet prepared to accept crypto and reshape the current financial marketplace. As soon as these regulators let crypto enter the system, India will experience a significant movement towards improved entrepreneurial activities and banking partnerships.
All parties expect that supportive regulations will change things for the better. Of course, more progressive people have a positive view and are looking forward to adopting cryptocurrency innovations and benefit from them in the nearest future. The sad news is that not all officials feel convinced about the advantages of the new approach and methods it includes.
Anti-crypto enthusiasts are very active and they have their reasons for being so pessimistic. Politicians have already tried to ban cryptocurrencies. Fortunately, recent webinars are ready to welcome industry experts and listen to their advice and concerns. All admit that the ban would be rather damaging and risky.
Moreover, they would not be efficient and those who wished to trade and invest in crypto would still be able to keep on practicing their regular activities. This is impossible to prevent or stop and the best way for the country’s government is to offer a set of regulations that the crypto market could follow and submit to.
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