“A group of people thinking different is a market”
Why India has to embrace #crypto now? There seems to be no other choice left. So much development has taken place globally that it is almost impossible for India to ignore. Our country is standing at a very important juncture.
China state backed #Blockchain is integrating with 6 public blockchains. Now just imagine anyone from anywhere will be able to build apps and run nodes using data storage and bandwidth from BSN’s overseas data centers. China wants to be only infra provider to all the firms.
To add on to this we all know that China controls more than half of the world’s Bitcoin mining operation — upward of 65% of the computing power to mine Bitcoin. No other country anywhere near that number. India has not even thought about it.
Iran has recently approved a law where anyone can setup crypto mining farms in the country. Iran will give 47% subsidy on electricity. Oil prices have taken a hit globally and Iran knows it that it needs to open up for other growing sectors.
South Korea has defined income tax they know it is a great time to generate a revenue stream. Simple labs for income through crypto trading: more $2000 pay 20% as capitals. Less than $2000: Zero Tax.
In Malaysia: 60% population is Muslims. Sharia Law in Malaysia has allowed #crypto trading and considered it to be halal ( Religiously acceptable according to muslim law )
Russia has taken a “U-Turn”. They just passed a crypto bill after three rounds of Reading. To be effective from Jan-2021. Orginally Proposed bill: 7years jail and $7000 fine for holding crypto. Finally they allowed crypto trading only to ban usage as a medium of Exchange.
In the USA the Banking Regulator allowed all the chartered banks and financial institutions to offer crypto custodial services. Banks are bleeding, people are not buying mutual funds, stocks and bonds. People are buying gold and Bitcoin. Lets be an intermediary and earn.
In Switzerland one of the top 5 banks in the country adopted crypto custodial services and in 3 months their profits shot by 30%. Things are working that means!
India is a “talent-hub” of the world. Most of the blockchain and crypto companies are being run on technical expertise provided by Indians. They are either working for someone else or running their start up by registering outside India.
20% crypto comunity in India is looking for career in crypto with millions of jobs losses due to covid -19, India can take advantage of crypto space by allowing the Industry to mushroom in a controlled enviornment.
Mr. S.C.Garg who proposed a 10-year jail for holding crypto is himself advocating for regulation of crypto as a commodity. I think the time is just right for India to lead this space and allow us “The Youngest Country” in the world to lead from the front.