What’s India’s Beef With Bitcoin, Really?
New Delhi is sending confusing signals on its long-awaited cryptocurrency policy, which could leave it trailing way behind China’s virtual money plans.
Installation of Bitcoin art object at BitCluster cryptocurrency mining farm in Norilsk, Russia, Dec. 20.
Photographer: Andrey Rudakov/BloombergContradictory statements and media leaks are making it impossible to get a handle on India’s soon-to-be-unveiled cryptocurrency policy. The uncertainty is throwing young blockchain firms and programmers into a paroxysm of anxiety: Should they leave or stay? If they hang back, should they do something else with their lives?
On Sunday, the global crypto industry heaved a sigh of relief when Finance Minister Nirmala Sitharaman categorically ruled out a much-feared blanket ban, promising to allow a window for people “to do certain experiments” using distributed ledger technologies, Bitcoin and other virtual currencies, she said at an India Today conclave.