Charles Hoskinson, one of the co-founders of Cardano, is of the opinion that the anti-crypto attitude that is prevalent in India makes it challenging for the team to access the Indian market.
Hoskinson said the following on Twitter: “India has been vehemently anti-crypto, with multiple government efforts to outright prohibit and penalize the usage of crypto.” I really want to go into this industry, but it looks as if I need someone who is already very acquainted with it.
The Indian government and the Reserve Bank of India have been vocal in their opposition to cryptocurrencies, which has slowed the country’s progress toward mainstream adoption. The Finance Bill, which was proposed by Indian Finance Minister Nirmala Sitharaman and adopted by the Indian Parliament in March, would impose a tax of thirty percent on cryptocurrency transactions.
The cryptocurrency community in India has been criticizing the crypto law since it was first introduced, but their efforts have been in vain. Even though a tax of thirty percent has been levied, there are still a great many regulatory ambiguities that have not been clarified.
A supporter of blockchain technology named Sooraj from India publicly called out Cardano, stating that the company had made a significant error by neglecting India since the country has a larger market with 749 million people who have access to LTE.
In the meanwhile, Cardano is concentrating its efforts on African markets at the moment since regulatory standards in those countries are not as stringent as they are in India. A month ago, even the CEO of Binance, CZ, warned that he is afraid India’s cryptocurrency tax would put an end to the business.
Amit Shah, India’s Home Minister, said in October that there has been a rise in both the funding of terrorism and the distribution of illicit drugs via the use of cryptocurrencies and the dark web. To put it simply, there is still a great deal of confusion over India’s position on cryptocurrencies, but the regulatory bodies are taking an excessive amount of time to come to a consensus on a single approach.
Compiled by Coinbold