India is one of the few countries which find it difficult on deciding what to do with Bitcoin and the cryptocurrency in general. The politicians and bureaucrats could not unite themselves whether to regulate and legalize Bitcoin or just like China ban the whole Bitcoin trading. However, let's give them time as we could not fully blame these leaders since Bitcoin is something new and there are expressed fears and doubts as to what impact it might have on its fragile economy.
I am always telling people that countries who are in doubt should look at Japan as the most successful and important model for accepting and embracing Bitcoin. They can indeed learn a thing or two (no, the lessons are enormous) from the Japanese. Japan is a rich country and Japanese are known to be good entrepreneurs yet they rolled out the red carpet for Bitcoin because they are sure that it is a blessing rather than a curse.
India is one of the most ripe and biggest possible market for Bitcoin. Once India would finally established the regulations on Bitcoin within the country then we can be sure that it would be a big hit and there would be exchanges to operate within its jurisdiction. India should not and must not squander this good opportunity.
I too believe that if India legalize bitcoin by following the Japan, then it will lead India to prosperity. A lot of people will start their own business based on the crypto currency and overall IT related employment will increase which will make the youth happy. Government will earn on taxes. So it will be a win-win situation for both of us.
But the problem is with the politicians and the bureaucrats who actually doesn't have the brain power to understand the fruitfulness of bitcoin and its impact on the economy. There was a Member of Parliament Kirit Somaiya who once said that bitcoin is a ponzi scheme. It proves, that they are simply not interested in understanding the bitcoin and the related technology. Whatever money matters goes over their head, become a ponzi scheme for them. That's laughable and hilarious. So I expect very little from this old aged politicians.
How that even makes sense of comparing Indian monetary model to Japan's?
Japan is a country with only 127 million population and is technologically way ahead than India. Japan has already made bitcoin and other cryptocurrencies as a legal tender. But I don't see cryptocurrencies as a legal tender a working model in India. Where people are still struggling in adopting mobile wallets and credit/debit cards, Bitcoin as a legal tender hardly has any future. Also, the percentage adoption rate for cryptocurrencies is way to less in India.
Moreover, a government committee is analysing the scope of cryptocurrencies in India and will most probably give their conclusion before the end of financial year. According to me, they will most probably regulate them and will not ban them.
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