Indian government’s pro-blockchain, anti-crypto stance is costing India dearly in the race of blockchain leadership. While everyone in the Indian crypto circle knows this very well, it became even more clear today when Binance CEO Changpeng Zhao mentioned 5 countries that are currently competing to win the race of blockchain leadership. Those countries according to him are Japan, Singapore, Taiwan, Korea and Hong Kong. No India, no China.
We now see Singapore, Taiwan, Japan, Korea and Hong Kong competing to be the blockchain hub in Asia. What do you think? I personally hope all of them success.
— CZ Binance (@cz_binance) November 1, 2018
An important point about CZ’s tweet is that not just India but China was also left out by him. It’s well-known that China holds one of the largest portfolios of blockchain patents in the world. Despite that, however, it’s not going to be a leader in the blockchain space – at least not according to CZ. This clearly shows how important cryptocurrencies are for blockchain. There’s no way any country can lead the blockchain race by ditching cryptocurrencies. And CZ is not someone whose views can be ignored – he is one of the most respected and successful leaders in cryptocurrency and business circles.
Indian Talent in the World of Crypto
It’s also worth noting that Indian talent also sits in the top brass of many leading crypto and blockchain companies. For example, Ripple’s Head of Infrastructure Innovation is Dilip Rao. Coinbase CTO is Balaji Srinivasan, and VP of Operations and Technology is Tina Bhatnagar. Shivani Siroya (CEO of InVenture) sits on the Board of Stellar, and Ananda Radhakrishna sits on the Board of LedgerX.
Recently about 20 Indians had also raised a blockchain investment fund in United States instead of India due to our uncertain regulatory climate. Had regulations been friendly in India, at least some of these people could certainly have focused on India as well.
So now the question is… can India ever lead the blockchain revolution by continuing with its pro-blockchain, anti-crypto stance? I don’t see this happening anytime soon. And our regulators and policymakers are to be blamed.