India is at an interesting juncture in terms of cryptocurrency regulations. While the country still does not have any official framework for crypto regulations, it has a huge population with interest in crypto. Indian cryptocurrency exchanges like CoinDCX, Coinswitch Kuber, and Wazir X have amassed a large number of users in a short time. The country has huge potential in the crypto space and has one of the highest adoption rates in the world. In the coming tears, India can be a global hub for crypto developments and be one of the biggest contributors to the global crypto network.
However, the recent comments from the Prime Minister of the country Narendra Modi might be worrying about some. Speaking virtually in front of the World Economic Forum, prime minister Modi said that all the countries of the world should come together in battling crypto. He said that crypto is a global issue that no country can combat in isolation. While he did not say anything directly against crypto, he did compare cryptocurrencies to other global problems like climate change and inflation. It would not be hard to identify a mild anti-crypto tone in his speech.
The government of India is highly likely to finalize the Cryptocurrency Bill by the end of April this year. While the bill was deemed to be passed in the winter parliament session of December 2021, it was postponed indefinitely. The reserve bank and finance ministry of India is reportedly in touch with the Bank for International Settlements (BIS) to create a regulatory framework for crypto.