Regulation Won’t Stop Builders

More regulation of the crypto and blockchain space is coming. In fact, 2023 may see it coming in hard as governments front run the pilots of Central Bank Digital Currencies. With India doing just that, and with the country taking on the G20 presidency in December, there seems to be rapid “progress” towards such global regulations on cryptocurrencies and digital assets.

Regulation Won't Stop Builders
Regulation Won’t Stop Builders, Image by marcovector on Freepik

On one hand, it might potentially it could prove to be an opportunity for the community to help shape more progressive policies that make India a global leader (and more competitive). However, many fear that the government is not really listening to the industry.

India’s Path Towards Crypto Regulation

India took its first step towards crypto regulation during the Budget Session in February 2022. They started with the announcement of the introduction of taxes on virtual digital assets (VDAs). However, the crypto industry heavily criticized the legislation and declared it a ‘crippling tax regime’. Meanwhile, the country’s central bank previously called for a ban on cryptocurrencies – will now have a prominent role in framing global crypto regulation.

It really does sound negative coming out of the Central Bank or Department of Economic Affairs. However, we are still a long way off from seeing that regulation, and more importantly its actual implementation. Of more immediate concern for Indian crypto, lovers are the dark clouds of the current bear market and not speculation on possible future regulation.

Though it might seem reasonable to conclude that currently there is a lot of doom and gloom for the Indian crypto grassroots, the truth is a very different place. There you find people doing what all smart people do in a bear market and that’s BUILD! And nothing more clearly embodies the positive outlook and vibrancy of the space than the recently concluded Indian Blockchain Week.

Held between November 29 and December 7, the annual Indian Blockchain Week, was a series of events aimed at fostering young South Asian talent. Around 1000 delegates from the blockchain industry, government, and academia came together in Bangalore to participate in hackathons, workshops, conferences, and community events. Top highlights included the ETHIndia hackathon and Polygon x Buidl.so Demo Day. The ETHIndia hackathon provided an opportunity for individuals from different backgrounds to come together and create something positive through collaboration and learning. Meanwhile, the Demo Day attendees included some of the top investors in the Indian web3 space.

In wanting a better conclusion, it’s just worth remembering that governments will regulate but its people that build. And crypto has the advantage that some of the most forward-thinking innovative minds are here working for a better future.

See you next year @ Indian Blockchain Week?

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Redfista
Redfista is a British author and content creator. He has interests in Bitcoin, crypto, blockchain, Web3, and NFTs!