India is making quite a name for itself in the crypto community. The one day it is known as the country that wants to ban cryptocurrency the other it is known for the country that wants to launch its own stated-backed cryptocurrency once more getting a lot of attention from all over the crypto community.
India has got a lot of attention from all around the crypto community. The country has had a strong opinion on cryptocurrency for a long time. It is almost as if it was afraid of its potential and for that reason trying to ban it, but India is a big country with a large population and therefor a large and strong crypto community.
After trying to ban cryptocurrency India was standing in the spotlight of the crypto community. If a large country like India was able to ban crypto will the rest of the world do the same? And how will mass acceptance ever take place if countries like India treat crypto like this? Questions like these where asked all over the crypto community.
But recently a big twist has happened, sources have told local news outlet Quartz India that the Indian government is evaluating the possibility of issuing a state-backed cryptocurrency. the Indian government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain and is looking to “encourage” blockchain studies. But on the less the launch of a state-backed cryptocurrency is only an option to be considered nothing is certain yet.
It looks like India has seen that banning crypto isn’t an option but being a part of it is. For this reason, taking an example of the Venezuelan government and creating their own stated backed cryptocurrency is a great solution. Considering the huge number of the Indian population the potential that a coin like this will have is huge.
The new cryptocurrency might have a big role in the future since countries like China and Iran are also making planes to create their own cryptocurrency and might take an example of the Indian state-baked Cryptocurrency.
India is going through a crypto revolution. Considering they wanted to ban crypto less than half a year ago and now they are creating their own. They even installed their first bitcoin ATM a couple of days ago in Bangalore. No matter how you look at it the current and future role that India has in the crypto world is huge and it isn’t looking like that is about to change any time soon.