Topic: Blockchain Developers may leave India due to Rbi Restrictions (Read 195 times)
hmmm interesting insights, have the RBI looked into STO regulations ?
Recently Prime minister of India has in Singapore fintech festivel announced the use of blockchain in upcoming projects which is a sign of relief to many blockchain developers in India.
Recently Prime minister of India has in Singapore fintech festival announced the use of blockchain in upcoming projects which is a sign of relief to many blockchain developers in India. These Blockchain projects will create new job categories, leading to hiring more full stack, front-end and back-end engineers. India is moving faster in putting in place appropriate regulations to manage risks and attract global investment in blockchain.Positive crypto regulations in India will help create wealth and jobs for millions of Indians. Millions of youth in India want to see positive crypto moves by the government.
India is a beautiful mess!!
On the one hand the government knows that they must promote the newer technologies to attract companies and investment. The RBI (Central Authority governing Monetary policy) on the other hand wants to curb cryptocurrencies seeing that they can be used to circumvent the available fiat-network. Well the RBI is not wrong in thinking as Cryptocurrencies in the current format do risk the possibility of terrorism funding, Money laundering and other financial crimes. The RBI has taken the step of banning bank accounts in India until they are able to study it and create the proper regulatory framework for its use in India.
As per my knowledge, the government doesn't want to ban cryptos in India, rather it wants to create a regulatory framework which makes it fraud/scam/crime resistant. Moreover, they are actively engaging with blockchain experts to understand and build systems for government schemes, documentation, land record and other use cases. The present administration is very pro-active in terms of realizing the need to invest in future technology. We can expect a framework in the upcoming months.
Yeah, the decision to not allow banks to engage with crypto companies has been a shock but I think that we are still marching forward. They have not made it illegal to hold crypto, which makes P2P network viable.
Let us hope for the best. Their is still a long road to cover in terms of blockchain development and I think Indians and India will definitely play its part.
On the one hand the government knows that they must promote the newer technologies to attract companies and investment. The RBI (Central Authority governing Monetary policy) on the other hand wants to curb cryptocurrencies seeing that they can be used to circumvent the available fiat-network. Well the RBI is not wrong in thinking as Cryptocurrencies in the current format do risk the possibility of terrorism funding, Money laundering and other financial crimes. The RBI has taken the step of banning bank accounts in India until they are able to study it and create the proper regulatory framework for its use in India.
As per my knowledge, the government doesn't want to ban cryptos in India, rather it wants to create a regulatory framework which makes it fraud/scam/crime resistant. Moreover, they are actively engaging with blockchain experts to understand and build systems for government schemes, documentation, land record and other use cases. The present administration is very pro-active in terms of realizing the need to invest in future technology. We can expect a framework in the upcoming months.
Yeah, the decision to not allow banks to engage with crypto companies has been a shock but I think that we are still marching forward. They have not made it illegal to hold crypto, which makes P2P network viable.
Let us hope for the best. Their is still a long road to cover in terms of blockchain development and I think Indians and India will definitely play its part.
As compared to other software development, Blockchain technology development is a new field and there are only 0.25 per cent Blockchain developers of 2 Million software developers in India.
In general Blockchain developers get token in the form of their contribution to the project but stand of RBI over Cryptocurrency made it tough to convert it into fiat currency, even though P2P method is available to trade Cryptocurrency in India.
The stand of India over Cryptocurrency is still not clear, one side it bans direct Cryptocurrency trading and the case is pending in Apex court, second side government and RBI forming committee to see opportunity and potential in Blockchain technology.
In fact RBI decision to ban direct Cryptocurrency trading is have many downsides, first one is IT section is the little bit struggling to create a new job, even tough Blockchain technology has lots of potentials to create new job but Indian Blockchain developers are helpless and want to migrate Cryptocurrency friendly countries for the job.
In general Blockchain developers get token in the form of their contribution to the project but stand of RBI over Cryptocurrency made it tough to convert it into fiat currency, even though P2P method is available to trade Cryptocurrency in India.
The stand of India over Cryptocurrency is still not clear, one side it bans direct Cryptocurrency trading and the case is pending in Apex court, second side government and RBI forming committee to see opportunity and potential in Blockchain technology.
In fact RBI decision to ban direct Cryptocurrency trading is have many downsides, first one is IT section is the little bit struggling to create a new job, even tough Blockchain technology has lots of potentials to create new job but Indian Blockchain developers are helpless and want to migrate Cryptocurrency friendly countries for the job.
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