According to Garlinghouse, with its crypto ban, India is likely to miss out on a technology that can serve its huge population with much ease and fairness.
India, being a heavily populated country, remains a key piece in the ongoing global push for cryptocurrency adoption. However, its policymakers are lagging behind especially in formulating and implementing laws that favor and govern the cryptocurrency industry at large. Recently, a report by media outlet Bloomberg indicated that India plans to introduce a new ban for crypto trading.
However, the country is focused on developing industries that support blockchain technology, according to people familiar with the matter.
Though the report was later called just a clickbait, it was not welcomed warmly by most of the crypto community members, especially those fighting for the adoption of cryptocurrencies in our day to day activities.
One of the disappointed crypto community members is Ripple CEO Brad Garlinghouse, who went to his Twitter page to express his thoughts on the matter.
Garlinghouse on India Crypto Ban
According to Garlinghouse, India is likely to miss out on a technology that can serve its huge population with much ease and fairness.
“Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens,” Garlinghouse wrote in a tweet responding to the Bloomberg report.
Ripple has been eyeing the Indian market to push for more XRP liquidity that is aimed at strengthening its ODL services. In the past, the company has been giving tips to India’s policymakers as a framework for cryptocurrency regulations.
According to the framework provided by the company, it urged Indian policymakers to implement a regulatory framework that is technology-agnostic, principles-based and risk-adjusted. “You have the world’s attention. Let’s come together and seize the moment,” Garlinghouse told India’s policymakers.
However, the Indian government seems reluctant to implement most of the recommendations by Ripple based on their ground circumstances.
The government is citing issues pertaining fraudulent transactions enabled by cryptocurrency trading.
Bigger Picture
The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament. If the bill is passed to law, approximately 1.7 million Indians who actively trade cryptocurrencies are going to be negatively affected.
In addition, the decision will impact existing established crypto trading companies that gained momentum after the high test court of India gave them a green light to continue with crypto trading.
Companies like CoinSwitch, which added 200,000 users after starting India operations in June and was reporting volumes of about $200-300 million, according to chief executive officer Ashish Singhal are likely to close its operations for good.
This will put India miles back from other Asian countries that are striving to adopt, and regulate the cryptocurrency industry.
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