Regulators of Taiwan recently visited Ripple’s headquarters to discuss how Ripple’s technology can help in boosting financial inclusion in Taiwan. Our Indian regulators, in the meantime, are busy thinking.
Regulators and legislators of any region play a major role in boosting or suppressing the innovation in that region. Innovators alone can’t do anything if regulators don’t provide a conducive environment for innovation. And if regulators start standing in the path, god save the innovation! In this world of 7 billion people and more than 200 countries we see the examples of both these types of regulators. The Taiwanese regulators seem to fall in the category of pro-innovation regulators, as they have been working with Ripple behind the scenes to foster the innovation in blockchain sector of their region.
That’s right. Ripple recently tweeted an image with Taiwanese Legislator Karen Yu, who had visited Ripple Headquarters to discuss how can Ripple help in boosting financial inclusion with help of its technology. It’s great to see that Taiwan wants to use the technology and opportunity provided by blockchain and cryptocurrencies to boost financial inclusion. In the recent days head of Taiwan’s Central Bank has also been eyeing the growth of blockchain sector, which means that in future we may see more implementations of blockchain technology in Taiwan.
— Ripple (@Ripple) February 11, 2019
Indian regulators in the meantime…
While Taiwanese regulators work with leading blockchain and crypto companies to foster innovation, our Indian regulators are busy in thinking, thinking… and only thinking since last whole year. The government first established a panel to draft crypto regulations back in 2017, but that panel has not been able to draft its regulations till date. Recently we had heard that the regulations are in finalization phase, but we still don’t have any timeline with regards to when this finalization will be finished. If it takes too long, we’re at the risk of being left behind in the world of this rapidly advancing new technology.
Cryptocurrencies have a lot of potential for the Indian economy, especially because Indians living abroad send a huge amount of money back home in remittances. Financial inclusion is another area in which cryptocurrencies can help. Let’s see when our regulators recognize the potential of crypto for these areas and give a much-needed green light to the Indian crypto space.