With a legal framework for cryptocurrencies in India expected to be finalised by the next general Budget, Business Today Television caught up with Sumit Gupta, co-founder and CEO of Coin DCX, India’s first unicorn crypto exchange to discuss the proposed move and the likely impact on this burgeoning sector.
Edited excerpts.
BT: Given that work on a legal framework for cryptocurrencies is underway, what would be an ideal approach for the government to consider?
Sumit Gupta : This is a very positive and welcome move by the government, which was pending since long. We, as industry partners were trying to have this discussion with the government, and policy makers in order to bridge the gap so as to regulate crypto as an asset class. Now, I think that after several discussions there has been more clarity in the government around crypto as an emerging asset class, and the thought of moving away from banning crypto. We should allow legitimate players to operate with full transparency.
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BT: From 2018, when a draft Bill proposed to ban cryptocurrencies, to recently when government officials have indicated that a ban may not be feasible — has there been a change that you have noticed in the thinking of decision makers?
Sumit Gupta: Absolutely. There is a clear shift in terms of how [the] government was thinking about it earlier and lot of it is driven by lot of positive movements happening outside India. A lot of progressive nations have adopted crypto and have understood that it is very difficult to ban the technology. In fact, instead of fighting against technology, it’s important to regulate, understand and ensure that investors are protected.
Earlier, crypto was mostly seen as a payment system but it is actually not. It is not a currency; it is more like an asset class. The confusion which was earlier there has now gone away and now government is open to the idea of adopting…
