/Indias cryptocurrency reckoning is overdue – Reuters

Indias cryptocurrency reckoning is overdue – Reuters


Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration//File Photo – RC23XQ94N7E9

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MUMBAI, Nov 26 (Reuters Breakingviews) – A barrage of misleading prime-time adverts and little attempt read more to educate first-time investors scattered across small towns are some of the problems surrounding cryptocurrencies in India. A government plan to present a bill on regulation prompted panic-selling of digital assets earlier this week. The volatility underscores the need for a rapid decision on whether India wants to embrace them or not.

The sexy argument for regulation, rather than a ban, is made by Ashish Singhal, founder of Coinbase-backed (COIN.O) CoinSwitch Kuber, a firm boasting some 12 million users and valued at $2 billion. His pitch targets New Delhi’s desire to ramp up exports, arguing that cryptocurrencies and their related technology like blockchain allow India to build digital-infrastructure companies today that rich countries will use in the future.

A more straightforward argument for allowing crypto to exist is simply to avoid driving the flourishing trade underground. Either way, as this week’s ructions demonstrated, a belated ban will be painful to swallow. (By Una Galani)

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Editing by Antony Currie and Katrina Hamlin

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