WHY INDIA WILL BENEFIT FROM CRYPTO

The advent of Bitcoin as a functionally superior ‘store of value’ seems to have taken the shine away from gold.

- JAMES LEE TAIPEI

Luck is what happens when preparation Imeets opportunity.

India's favorable demographics has long been envy by the aging developed world. Launched in 2015, Prime Minister Narendra Modi's “Digital India initiative has installed this world's largest tech-savvy Generation Z with technical skills in preparation for the digital age to come. Then Covid-19 happened-the black swan pandemic changed how societies operate and fast-tracked the dematerialization global economy into a digitized metaverse, where the Indian IT sector has begun to reap the benefits.

Crypto is one of the prominent game-changing technologies that hold the promise to boost economies and propel new levels of innovation across industries. Three years after the Reserve Bank of India's attempt to ban crypto that was later rescinded, the asset that is popular with younger generations may finally be given regulatory clarity as a commodity in the newly drafted crypto bill, thus removing policy obstacles for India under PM Modi to lead the world in this revolutionary technology.

It is well covered in the

media, why India can be a natural capital for crypto for reasons, stated above, but the development will have profound economic and geopolitical implications, beyond the first derivative impacts of employment growth or financial inclusion of the masses. Using Bitcoin, the longest-running apex crypto network as an example, this columnist would like to explore some of the less-discussed reasons why India would be a global leader in crypto. This is why policymakers must design the upcoming crypto bill with utmost diligence in congruence with the potential significance crypto carries.

ECONOMICS