India’s Scepticism about Crypto: What does the Polygon Co-Founder think?

Polygon Co-Founder Sandeep Nailwal has highlighted his opinions about the state of Cryptocurrencies in India.

The uncertainties cause a lot of Indian developers, entrepreneurs and investors to leave their land and move to other countries and regions with crypto-friendly rules and regulations.

Though the country is not very favourable of Bitcoin and Altcoins, it is quite inclined towards the idea of Central Bank Digital Currencies.

India has been one such country where skepticism hovers around the crypto industry. Co-Founder of Polygon, Sandeep Nailwal has recently expressed his views about Cryptocurrencies in India.

Can the Crypto Industry Flourish to a great extent in India?

It’s ironic to see that on one hand, the country has a massive number of investors in the asset class, some of them have in fact swapped their strategies from gold to Bitcoin. Whereas, the government authorities have been giving thoughts on how to approach the industry for years now.

The skepticism was to such an extent that they even wanted to criminalize the use of cryptocurrencies at some point. Last year in November, they thought about a ban over the asset class like that of China, but later thought that regulations would be a better step.

Sandeep Nailwal has recently highlighted his contrasting points that these uncertainties cause a lot of Indian developers, entrepreneurs, and investors to leave their land and move to other countries and regions with established rules.

He further cited that he wants to live in India and go ahead with the development of his blockchain protocol. But the situation is not so favorable in there for such progress.

According to him, Overall, the way the regulatory uncertainty is there and how big Polygon has emerged to be, it doesn’t make any sense for them or any other team to expose their protocols and platform to any local risks.

Given the fact that some of the youths in India have in-depth knowledge of the tech sector, the crypto sector might flourish profoundly if the regulations are a bit lenient.

India to introduce its Central Bank Digital Currency (CBDC)?

Recently the Indian Budget came out, and the Finance Minister’s speech highlighted the terms Taxation and CBDCs. The country’s authorities are not very inclined towards the idea of Bitcoin and Altcoins but it is quite thoughtful about the CBDCs.

The Reserve Bank of India announced last year that it would launch trial programs regarding the use of CBDCs in the Indian monetary system.

Furthermore, Prime Minister Narendra Modi is also optimistic about the digital rupee and thinks it would make online payments secure and faster.

Cryptocurrencies are playing a major role in the geopolitical crisis in the Russia-Ukraine war and are facilitating transactions where traditional finance systems couldn’t. Despite all this, the crypto industry would need a lot of time to gain confidence in countries like India. It is to look forward to whether the asset class ever witnesses proper adoption there or not.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing