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RE: Can Reliance JioCoin Give Shape To India's Cryptocurrency Regulations?
Reliance Industries has still not made an official statement to this. And yes if they come up with Jiocoin, we shall definitely see mass adoption of crypto in the country.
Well If this is true, they will shortly tax crypto and make it legal.
Technically it’s not illegal to trade or hold crypto right now. It’s just that the Government is adoption a wait and watch policy, and will soon come up with some sort of regulation.
The question however remains that whether the Government will accept it as currency or not.
Adopting it as a currency seems a bit far fetched right now, in the next 10 years or so, maybe, but then we don't really know what those currencies will be, integration of blockchain into our existing systems should happen in the next few years and could actually serve as a boon and I really don't think the govt would ban crypto simply cause of the revenue it brings.
Andhra Pradesh’s Government has already embraced blockchain technology for real estate in the state. I am not concerned about adoption, what concerns me more is that the decentralised concept is not something the Government likes, as it snatches away the power from the few who actually control the economy.
It’s a revolution and this transition of power will definitely face resistance. Hope for the best.
I heard they're making a blockchain university, read it in the news somewhere, telangana though probably.And not that I don't agree, which I do, the part where the govt. would't like decentralisation but as of now, it's just the taxes they'll get out of us trading would be a reason enough for them to not ban crypto.
and I second your opinion, revolution it is which will hopefully come soon to our governance system. much needed transparency for those who do understand what I am saying
I have one major concern and that is, due to all this ambiguity, India is lagging behind in innovation. When I see good projects, normally the idea, conceptualization is done in China, USA, UK and if you check their development teams, you will invariably find Indians. But Indians are not at the helm even in such projects. Many Indian Origin people are bringing new projects to Blockchain, but they are not in India. India will lag behind if this continues