Amidst the uncertainty surfacing over crypto regulations, a clear picture of what is going to be crypto's future in India is still obscure. However, positive signs from the recent winter session bill which is soon going to be announced in the parliament has sparked controversy.
TIn the latest episode of 'Crypto: Digital Assets of the Future ' CrossTower founder and CEO, Kapil Rathi in conversation with Manisha Gupta, CNBC reporter, expressed his strong opinion on how India can leverage this future technology and regulate framework that can benefit both Indian economy and youth of the country. Let’s touch on a few points from the interview.
It will help to understand the various developments that have shaped the crypto space in India over the past decade.
Mr. Kapil Rathi Said “It's a choice between being a progressive country and a regressive country. Crypto has evolved over the last 10+ years as a new asset class. There is a new financial ecosystem that’s developing. It is the backbone of the next generation internet, what we call web 3.O”.
He further recalled internet inventions in the past and added “ Imagine banning the internet back in the 1990s, India would not have been where we are today. We are known as the tech leader of the world. I think this is our opportunity to become the capital leader of the world. I think this is our opportunity to become the capital market leader of the world”.
“We are really fortunate that we are living through the evolution of technology. Some of us who have seen what the .com, internet has done to our day to day life, especially us coming through a pandemic. Technology has become a part of our life. Our kids are getting education on Zoom. We are meeting on the internet. We are spending so much time on the internet.”
“With crypto 3.O, this is our opportunity to kind of own the data like just to kind of explain to the listeners audience web 1.O is where we were consuming the data, web 2.O where we are contributing to the data but the data is all controlled by centralized organizations like facebook and in web 3.0 this data will be stored on blockchain, we as consumer will be able to own the data. Crypto is nothing but a unit that allows usage of that blockchain so we can’t really ban the cryptocurrency as it is like banning the next generation of the internet.”
“I think India is uniquely positioned today and we have the most tech savvy, youngest population in the world. As far as education is concerned, we have a large number of investors coming in and education is going to be helpful for both investors as well as regulators. It is quite significant to provide right level of education to foster people to better understand crypto and web 3.O. He added that the Indian government needs to actually invest in education for this technology. We must come forward and build a specific program that will educate both regulators and investors.”
Answering this question, Mr Rathi said that it’s not a day job for regulators to frame it as people like us who have spent so much time evolving and innovating this technology should share our experiences and learnings with regulators to facilitate a well-managed regulatory framework. The good news from the US side is that we have approved an ETF (Exchange traded fund) in the form of Bitcoin.
People will be able to buy Bitcoin in their retirement funds, brokerage accounts, and pension funds. He further added that the technology has been embraced by western countries including US, UK, Canada. China’s ban on cryptocurrencies has not made any vast effect. In fact, the Bitcoin prices have gone up since the country has imposed a ban.
Mr. Kapil Rathi has shared useful information about how India can uniquely position itself on a global scale in lifting up this future technology. Countries including the USA, UK, Canada, Australia, Japan and several others are embracing it and looking for ways to put a right regulatory framework. India should not be left behind in grabbing the opportunity to become a global leader.
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