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Close to 200 million Indian people don’t use banks. Could cryptocurrency empower millions?
Mixed signals from the national and state governments have suggested that India might either (a) ban cryptocurrency outright, or (b) become a regulatory model in the area.
The Finance Ministry established a panel with representatives from the Reserve Bank of India to observe developments, possibly to expedite laws for nationwide cryptocurrency use. And government notices went out to serious investors in 2018, explaining how to pay taxes on gains from cryptoassets.
Yet India’s central bank does not allow banking services for cryptocurrency firms. So far, this resistance to legalizing cryptocurrency does not amount to outlawing trades or investments.
India's southwestern state of Karnataka has promoted blockchain tech for its potential to help meet the needs of the Indian people and create desirable jobs. Notably, Karnataka is a tech hub—particularly the capital, Bengaluru (previously Bangalore). Blockchain-focused jobs are reportedly rising several thousandfold, and paying quite well.
Onward to more independent business opportunities, and more political and humanitarian benefits? We shall see.