India’s Opportunity from China’s Crypto Crackdown
By Kapil Rathi
India has huge opportunity to benefit from China’s crackdown on the crypto industry. Crypto is new, innovative technology for financial activities such as lending, payments, and distributing credit. It is the Web 3.0. China forcing out such innovation and advancement is to India’s benefit, and India should now embrace this new technology with open arms. Crypto can make India a global leader in this new technology.
China’s crackdown on cryptocurrency is likely in part because it wants to remove competitors to its digital yuan, which its government controls. But this is the wrong approach, as crypto can coexist, and even complement, CBDCs. In addition, crypto is not just a “currency”. The technology is a new frame work for finance and information. China is choosing control over innovation, and potentially giving up a leading role in what could be the most important industry to come.
With its growing and large young population, India has the opportunity to be at the forefront of crypto and capital markets. Just as the US has benefited from China’s crackdown on miners and crypto, India is poised to come out ahead by welcoming crypto to attract Chinese crypto-related businesses and activities. The US benefited incredibly from the internet. This type of growth, prosperity and leadership with this new technology is an opportunity for India in the next decade.
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