India’s crypto regulations have been caught in limbo — here’s how the past few years have played out
The Lok Sabha is set to discuss the country’s cryptocurrency regulation in the week beginning November 29. The lack of change in how the item was listed on the agenda led to some panic selling. This will be the second time this year that the government has listed the crypto bill as an agenda item.
Siddharth Mahajan, Partner at Athena Legal explained to Business Insider India that A"s with any new industry, innovation occurs before the regulation can catch up. This was true for industrialization, the digital age, and now web3. The only difference is that when it comes to the world of blockchain, developments are occurring faster than ever before — a growing pain for regulators, stakeholders, and investors alike. “A ban is certainly possible but enforcement of that could prove to be troublesome. It will give rise to a lot of illegal activity over the dark web etc. Hence, it will be prudent for the government to regulate it rather than completely ban it."