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Policy and regulations

Supreme Court wants crypto regulations in four weeks. But a hastily written policy is the last thing India needs.

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Policy and regulations

Supreme Court wants crypto regulations in four weeks. But a hastily written policy is the last thing India needs.

  • A hurried legal structure is likely to focus on “private blockchains” more than creating an open, decentralised, permission-less token economy.
  • It may force startup founders, who could have helped create a flourishing crypto economy in India, to seek opportunities abroad.
  • With our banking, services, and IT sectors not in the best of shape and unemployment hitting new highs, India needs blockchain regulations that are in sync with the times.
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6 Mar 2019 7 Mins Read 0 comment
Hemanth Kumar KV, chief information officer at the Indian crypto exchange Unocoin, talks to Bitcoin enthusiasts. Last year, Unocoin's founders were arrested for installing a
Hemanth Kumar KV, chief information officer at the Indian crypto exchange Unocoin, talks to Bitcoin enthusiasts. Last year, Unocoin's founders were arrested for installing a "crypto ATM" amid massive policy confusion; courtesy of Unocoin via Facebook
When the Reserve Bank of India (RBI) issued its first warning to citizens against the inherent risks of owning and trading in cryptocurrency (or tokens) in December 2013, it was a progressive move. Five years, many Ponzi schemes accounting for hundreds of millions of dollars, and countless petitions later, India hasn’t made much progress. Between raids by government officials, flawed
The firm invests at the convergence of blockchains with AI, IoT, and Web 3.0. He has been a member of the token ecosystem since 2012 and has had experience in building and scaling ventures in the space. He has also been an active seed-stage investor in the token economy and has worked with bodies advising the government on blockchain-related regulations.
When the Reserve Bank of India (RBI) issued its first warning to citizens against the inherent risks of owning and trading in cryptocurrency (or tokens) in December 2013, it was a progressive move. Five years, many Ponzi schemes accounting for hundreds of millions of dollars, and countless petitions later, India hasn’t made much progress. Between raids by government officials, flawed The firm invests at the convergence of blockchains with AI, IoT, and Web 3.0. He has been a member of the token ecosystem since 2012 and has had experience in building and scaling ventures in the space. He has also been an active seed-stage investor in the token economy and has worked with bodies advising the government on blockchain-related regulations.

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