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Regardless of India’s regulatory sternness around the cryptocurrency industry, the boom around the new age cryptocurrency couldn’t be ignored. An Indian television show- ‘Kaun Banega Crorepati’ which runs parallel to the concept of the popular show- ‘Who Wants to be A Millionaire’; recently mentioned cryptocurrency during the show. The show is hosted by a very revered legendary actor of the Indian Cinema sector- Mr. Amitabh Bachchan. During the show, a millennial contestant aged- 19 years, was asked-
“What is Libra, proposed by Facebook?”
The options were-
- Artificial Intelligence Camera
- Instant Messenger App
- Short Video Platform
- Cryptocurrency
The millennial took no time to answer this question correctly. It is an interesting insight that a country which is tussling with the ‘yay or nay’ for the cryptocurrency, the millennials of the same country are keenly aware of it which expresses their interest in the cryptocurrency. On this incident, WazirX cryptocurrency exchange CEO ‘@NischalShetty’ had the following view to share-
CRYPTO had its first TELEVISION MOMENT in India. The best thing, the young KBC participant knew the answer! Every youth of India is getting involved in Crypto because it’s the future of finance & innovation. Thank you @SrBachchan Dear @narendramodi @nsitharaman #IndiaWantsCrypto
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India is a developing country and has a massive population to handle. The growth of the country is promising and the caliber in the young country is also very promising. In such a growth curve with the huge population in the presence of issues such as corruption, the Govt. of India is being very cautious on whether to allow the crypto industry to enter into the Indian Markets or not.
On the other hand, recently, India’s Department of Economic Affairs (DEA) the committee that focuses on the FinTech industry submitted a report which included cryptocurrency as its one of the topics. The committee was constructed and was headed by the former DEA Secretary- Subhash Chandra Garg. In the report, the benefits of the cryptocurrency have been discussed. Things such as-
- How it can help resolve the ‘multiple currency issue and capital compliance costs.’
- The blockchain technology backed crypto industry can also prove to help manage all scales of payments, as well as making the payment system much more efficient.
- Thirdly, the issue such as liquidity risks can also be handled well upon opening the doors to the cryptocurrency in India.
The mention of the crypto world in India’s leading show, admit the fact the most of the Indians are not well versed with the concept of cryptocurrency, shows an attempt to shake things up. It shows that people in the country are pro cryptocurrency. What will be the future of cryptocurrency in Yoga Land remains a mystery.
The Indian ban on the cryptocurrency-
Two months ago, United States-based venture capitalist, founding partner of Draper Fisher Jurvetson (DFJ), Draper Associates, and the founder of Draper Venture Network and Draper University- Timothy Draper expressed rather jittery views on India’s resistance towards cryptocurrency. He expressed that India is going backward by not embracing cryptocurrency when the entire world is progressing with it.
During this time, a blockchain advocate- Varun Sethi opened up about a draft on- ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019.’ The government of India published the same in no time. There was no support expressed for the cryptocurrency in the report. The report rather declared imprisonment for those who will-
- Mine cryptocurrency or crypto tokens.
- Hold any possession of cryptocurrency in any direct or indirect way.
- Involvement with any Crypto-Exchange, direct, or indirect ways.
- Involvement in any kind of crypto trading.
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The report further elaborated that any such involvement with the crypto industry or cryptocurrency can lead to some very serious consequences. Upon involving oneself with the cryptocurrency, one can face-
- One year to ten-year-long imprisonment.
- A penalty of 50 Cr. INR (7,255,000 USD approx.)
The Future of Crypto in India?
Well, it is an interesting question which many are seeking an answer for. Maybe with time, as the crypto industry offers more stability, and credibility, India may open her arms for the new age currency. Until then, the people in support of the cryptocurrency will continue shining light on the importance and the need of the cryptocurrency.
