We should be hoping that India or rather the government of India will have an open mind on cryptocurrency as it has one of the most vibrant, young, hi-tech and talented pool of human resource that can work well with many fintech companies to pour in once the country has a good regulatory framework for this industry. But in my estimate there are more chances that the bill banning cryptocurrency can be passed by the legislature as the same leaders will soon assume into their seats. I am personally sad about this turn of events. Now, am waiting for a movement against that bill and for passing another law regulating and allowing cryptocurrency. India is already so behind with the blockchain and cryptocurrency as many countries in Asia are all set to exploit this opportunity.
It is in their best interest to embrace it, and find ways they can profit from it too. Worst thing they can do is outright ban it, not only would they be repelling wealth from entering their country, people will find unregulated ways to keep using it anyway and no way to tax it. Even a neutral stance is preferable than outright ban.
There could be also a generational difference, among the politicians who act hostile or not against this new world reality. Want more profits and wealth? Embrace it, sooner than your neighbors, and see the money flow in...
If you are going to regulate it, STUDY it deeply first. I expect no less than the very Indian law makers asking questions on this very forum as a good sign of their seriousness. In fact more countries should be doing this.
