As one of the largest markets in the world, India has yet to gain similar status when it comes to the cryptocurrency industry. Despite significant interest for this new technology among the general population, Indian’s top business echelons and authorities are forced to put more focus on the blockchain compared to cryptocurrencies due to the government’s measures aimed at cryptos.
Yet, those few Indian entrepreneurs looking to utilize cryptos can either move to neighboring Malaysia and Philippines if they want to become full blown crypto market operators. At the same time, India has a large pool of young workforce well-versed in cryptocurrency technology which it readily exports to other countries. As of 2019, the Indian government is said to be considering a general ban on cryptos citing the technology’s potential for frauds. In 2018, the government has established a dedicated panel in charge of drafting crypto-related regulations. These moves already have a negative impact on Indian crypto-exchange scene which faced several high profile closedowns which have been reported in the news.