What can the blockchain industry do to stave off the impending ban on cryptocurrencies in India?
Updated: Jul 6, 2021
Produce outcomes that are able to showcase beneficial impact of leveraging the blockchain based cryptonomy. The primary starting point could be the goal of #financialinclusion, i.e., connecting the unbanked population to payment systems and financial products.
Recently, RBI noted that non-bank entities should be allowed to participate in #centralized payment systems such as #RTGS and #NEFT, which were exclusive to banks and few select institutions.
RBI's stated reason was that such non-bank entities (card networks, digital wallet (PPI) issuers among others) have introduced technological innovations and offered customized solutions to users.
The unstated reason could be RBI's attempt to evangelize #centralized settlement systems in order to fight back against #DeFi promising a more exciting alternative. It could be surmised that RBI may not have missed news of Visa announcing crypto based settlements and Paypal's crypto checkout services.
The larger point remains - that regulatory acceptance and embracement of #cryptos could become a more visible future reality - if only the industry participants can channelize the technology to make lives easier for the unbanked. This could be a tad bit difficult because currently, crypto's benefits are available to the already banked.
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