The news about possible crypto ban in India keeps getting intensified with every passing day. Yesterday, the top boss of country's central bank in an interview to CNBC-TV18 clearly voiced his concern over cryptocurrencies as below:
We have certain major concerns about cryptocurrency. We have communicated them to the government. It is under consideration in the government and I do expect and I think sooner or later the government will take a call and if required the parliament also will consider and decide.
I also want to make it very clear that the blockchain technology is different. The benefits of it have to be exploited, that is another thing, but on crypto, we have major concerns from the financial stability angle. We have shared it with the government and government will consider and take a call.
[You can read the full transcript of this interview here]
Amidst such uncertainties, it has become extremely difficult for Indian entrepreneurs working or planning on some blockchain based projects. So it is of paramount importance for them to have a plan-B at this stage.
Thankfully Blockchained India, which works for supporting and strengthening Indian crypto ecosystem, has proactively extended its support to all Indian entrepreneurs.
In a blog post from its co-founder Akshay Aggarwal, it has come up with 3 fold strategy:
- In its this year's initiative of "100 days of code", it is extending help to participants for launching their project to a global audience with the help from its partners Ziliqa and Draper University
- Second strategy for existing entrepreneurs is to help them move to friendlier jurisdictions like Switzerland, Singapore, Estonia etc. It also adds that they will bring them back to India when conditions turns favourable again.
- For the bussinesses and entreprenuers for whom re-locating isn't possible, Blockchained India is assisting in merger and acquisition deals for their projects, laying the slogan:
‘if it’s not made in India, it can still be made by India’
In case, you're looking for any of these options, you can get in touch with Blockchained India through following request forms:
It's always wise to have a handy plan to deal with regulatory uncertainties. But until there is any clarity on the Government's stance, our work should continue in India with same zeal and energy as ever.
We'll design the future and make it happen one day!