In an interview with Bitcoin pioneer and founder of BitInstant & Bitcoin Foundation Charlie Shremm, Indian billionaire and Member of Parliament Rajeev Chandrasekhar stated that he believes India will eventually join the ranks of innovative blockchain-friendly jurisdictions:
“You can safely assume that a lot of the government and members of parliament will come a little late to that party and they will, sort of eventually get there.“
Chandrasekhar compared the current situation of the crypto market with the early days of the internet but highlighted one significant difference. If in the late 80s or early 90s the regulators “were absent” due to a low awareness of the potential dangers presented by the wide application of Internet technology and only got involved “when problems started popping up here and there,” now regulators are very much present:
“There's almost like a perfect storm that is facing the growth and the innovation momentum of crypto. Which is, you have the law and order and the terrorism, and the cybersecurity concerns on one hand, and you have the particularly heightened awareness about the internet not being all good, and having some potential of these little evil pockets of sort of resting within them. And therefore, the regulators using [sic] that as justification to, sort of, snoop around or get more involved.”
According to Chandrasekhar, it is fundamentally hard for any government to be as efficient as the innovators in the tech sector. But in the end, the Indian government will do the “right thing.” For example, in his opinion, the Indian government has responded to the net neutrality case in the right way and did not allow telecom giants to alter the nature of the internet. By analogy, the government will “deal with this issue” in the same way, he argued. Therefore, he encouraged people to present their views and contribute to the discussion, so the government can work in the right direction.
Charlie Shremm shares Chandrasekhar’s optimism and highlighted that India “has the potential power to possess the largest and most innovative crypto industry in the world.” In an exclusive comment to Coin360, founder of Tradala Tech, one of the pioneering companies for Blockchain in India, Karthik Sivasubramaniam joined in the optimism and reminded that The Reserve Bank of India “continues to maintain that they have no intention to regulate crypto at this time” and “the legal case against the crypto exchanges in India continues to progress in a very slow manner with no end in right.”
Sivasubramaniam went on to clarify:
“We believe that India will eventually have to accept reality and join the crypto bandwagon but that is likely to take a couple of years at least and this is only going to stunt the growth of the crypto field in India.”