Delay in adopting crypto may increase brain drain from India: Industry players

economictimes.indiatimes.com:

Recently, Union Finance Minister Nirmala Sitharaman said that India will not rush into any decision on cryptos and will take a well-considered view. «It has to take its time to be sure that at least, with the given available information, we are making a discernible decision. It can't be rushed,» she said during an interaction with students and faculty at Stanford University in California. However, industry players believe that the delay is hurting India's prospects of becoming a major player in the crypto industry and leading to the exile of homegrown talent to crypto-friendly hubs.

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Ishan Arora, Partner, Tykhe Block Ventures, believes that cyber offenders should face laws and regulations regardless of the currency being used. «Fiat and crypto being treated in a similar way for law on cyber criminals is not a bad step as long as it is well thought about, keeping in mind all the stakeholders,» he said. Not only New Delhi, even London has amplified its cynicism over the new-age asset class. Crypto assets could be seized to help combat economic crime, the British government has said. Banking and online scams have rocketed in Britain, particularly since the COVID-19 pandemic. However, Britain too is having a wait and watch policy over regulating crypto assets. The government said, in its response to a parliamentary inquiry on economic crimes, that it will bring forward legislation to enable crypto assets to be seized and recovered more quickly, as soon as parliamentary time allows. On the other hand, in India, the government has not yet clarified its