Opinion | Cryptocurrency: The scene in India

The wait-and-watch approach from the government and the central bank is turning out to be costly for crypto investors. Countries such as Malaysia, Philippines and Bahrain have adopted cryptocurrencies and have formalised license for market operators. Even the guidelines released for the issuance of the Security Token Offering (STO) have been legalised in these regions. Meanwhile, Indian entrepreneurs are moving their base to the cryptofriendly countries to experiment their innovations.

The approach that we accept blockchain but not cryptocurrency might sound a better bet to lure the blockchain entrepreneurs, but a majority of global talents are extensively experimenting on the public blockchain or permission blockchain. Indian innovators have a limited window of experimenting only with private blockchain.