The founder and the chief executive officer for WazirX, India, Nischal Shetty, explains how recent banking restrictions have turned the circumstances for the worst for the cryptos and eventually for the blockchain projects. Blockchain has many applications other than mere cryptos which is a thing that the Indian banking system has yet to realize. The banks have been cautious of the crypto revolution spreading through India over which they included that the bank user may not get involved in crypto matter as they signed the terms and conditions. Shetty states that India is a great economy and bears the potential of turning into an economy juggernaut of the world soon enough contending for the top accolade of being the top economy around the globe with the likes of China and the USA. But there is one thing that can swiftly escalate thing going in India’s favour, that begin crypto regulations and producing blockchain reforms that can result in further projects that stick to blockchain to excel futuristically. This all comes to an abrupt halt as the Indian banks play the sick card of banning even the blockchain to be promoted. As baseless as these restrictions are, these are meant to be discussed along with the Indian authorities being constantly reminding of the grave mistake that can take a serious toll over Indian economy, as BlockPublisher draws some remarks from the man himself.
The Indian media can produce the massive exposure effect for the cryptos to be promoted as a legitimate currency. India is the only large democracy where blockchain innovation has been stiffled because of bank restriction. Innovations can bring more opportunities and hence more jobs on the table for the young Indians that have minds so sharp but so little an opportunity.
Nischal continuously knocks on to the doors of government officials to eventually get the crypto regulations being given a decent form to. Though this seems far away as a possibility in the coming future, it is a milestone that the cryptos have to surpass in order to contend for the massive position.
The objective of this campaign is to be heard by our law makers. India needs to be at the forefront of the crypto revolution and by being vocal about it, you and I can make that happen.