India’s Crypto Policy is Submissive, Claims Congress Minister

At the India Today AI Conference 2024, Karnataka State Minister for Electronics Priyank Kharge criticized the Indian government’s policy on crypto policy calling it “submissive” and demanded clearer regulatory framework.

Kharge, who is an MLA from India’s chief opposition party, Indian National Congress, was one of the invitees at the India Today AI Conference, where the discourse veered sharply toward crypto policy and its far-reaching implications.

Upon asked to comment on India’s stance on crypto policy, Kharge boldly stated, “Our crypto policy is submissive, need clear regulatory framework.” His words underline a growing frustration among crypto stakeholders—an ecosystem eager for clarity but stifled by uncertainty.

“You can’t throttle innovation just because there’s a problem,” the minister asserted , advocating for balanced regulation rather than an outright ban, a sentiment that resonates deeply within the industry.

The crypto industry in India has faced regulatory ambiguity, with punitive taxation driving many ventures offshore. Kharge emphasized the need for collaborative efforts between states and the center, urging policymakers to avoid “cutting off the nose” to spite the face.

“Blockchain and crypto are here to stay,” said the panelist, countering any doubters who compare these technologies to previous tech trends that fizzled out. What sets blockchain apart is its decentralization, which removes the need for central authorities and promises greater security, transparency, and efficiency.

Generative AI, another topic of hot discussion at the conference, shares a similar fate. It is evolving faster than many realize, with AI-driven innovations like ChatGPT pushing the boundaries of creativity and productivity. However, it comes with its own set of challenges, particularly around the infrastructure demands it places on data centers.

“The crypto industry wants regulation,” echoed the minister, emphasizing the need for a balanced approach to safeguard investors and the ecosystem.

Yet, as the discussion continued, a stark reality emerged: regulation must evolve alongside innovation. The growing influence of online gaming and digital assets has led to a surge in issues like fraud, addiction, and unregulated platforms. The crypto and gaming sectors, though valuable, have posed significant risks. However, regulation, not suppression, was the consistent plea from industry leaders.