Charles Hoskinson, the co-founder of Cardano, believes India’s strong anti-crypto sentiment makes it difficult for the team to enter the Indian market.
Hoskinson tweeted “India has been strongly anti-crypto, with numerous government attempts to outright ban and criminalize the use of crypto. I’d love to enter the market, but it seems to require someone intimately familiar with it.”
The anti-crypto sentiment from the Indian government and the Reserve Bank of India has pulled back widespread adoption in the nation. In March, Finance Bill imposing a 30% tax for crypto devised by Indian Finance Minister Nirmala Sitharaman, was approved by the Parliament.
The Indian crypto community criticized the crypto bill since the beginning but to no avail. Even if a 30% tax has been imposed there are a lot of regulatory clarifications not yet shed light on.
Blockchain enthusiast Sooraj from India called out Cardano by saying it made a huge mistake by ignoring India as it is a wider market with 749 million people having access to LTE.
Meanwhile, Cardano is currently focusing on African markets as the regulatory stances there are not as strict as in India. Last month, even Binance CEO CZ stated he fears India’s crypto tax will kill the industry.
In October, India’s Home Minister Amit Shah said drug trafficking via the dark web and cryptocurrency has surged, along with terrorism financing. Basically, there is still a lot of clarity needed on India’s stance on crypto but there are a lot of delays caused by the regulatory entities to reach a common standpoint.Â
Also Read: Indian Central Bank to Launch Pilot for Retail CBDC on December 1
