Indian authorities underestimate the country’s potential, hindering the development of the cryptocurrency industry. By blocking initiatives and opposing transparent regulation and not being able to provide clarity to the business community and financial institutions, they can “harm” technological innovation, Ripple representatives said.
“Instead of evaluating that blockchain is good and cryptocurrencies not, regulators should pay close attention to the industry and identify positive examples of the use of digital assets,” said Sagar Sarbhai, Head of Government and Regulatory Affairs in the Asia-Pacific Region at Ripple , noting that new technologies allow transactions to be carried out as quickly as possible, expanding citizens’ access to financial resources.
According to statistics from Bit2Buzz agency, more than 70% of the country’s young population is already trading cryptocurrencies on various trading platforms.
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