Cryptocurrency and Blockchain Industry expectations from Budget 2022: As Union Finance Minister Nirmala Sitharaman is all set to present her third Union Budget on February 1, 2022.
Here’s what the Cryptocurrency and Blockchain Industry expects from Finance Minister Nirmala Sitharaman:
Sharan Nair, Chief Business Officer, CoinSwitch Kuber:
Various macroeconomic developments in India and the world over the last year have led to a rise in crypto adoption in India. Today, leading crypto exchanges follow strict self-regulatory practices to ensure customer protection.
We hope the upcoming Union Budget will bring in regulatory clarity and help standardize best practices, address misconceptions around this emerging asset class. We believe a regularised environment will encourage more Indians to start their crypto investing journey, promoting financial inclusion in line with the government’s vision.
Pratik Gauri, Co-founder & CEO, 5ire:
Crypto technology and blockchain are long-term phenomena that are not going away. And as the government regulations focus on protecting its constituency from the bad it does, it should also look towards utilizing its power of good for better governance and accountability. India has been a significant player in developing solutions for the rest of the world with modern technology; it is high time we become a model of utilizing it ourselves.
The Union budget should include more resources to make our cities into more efficient, better governed, smart cities. We can create models in infinite ways, from more robust policing to e-voting, to more efficient ways to provide public services leveraging blockchain. The Union budget can aspire to not only reflect the value these services deliver day-to-day but to audit, be accountable, and find ways to provide a ground swell in adoption of blockchain technology in the meat and bones of the largest democracy in the world.
Kumar Gaurav, Founder & CEO of Cashaa:
The crypto industry has stayed amidst speculation for a couple of years now. With the upcoming budget we expect the government to introduce the regulations that the community has been awaiting for a long time. The positive growth is only possible with the introduction of a stringent framework. This is also expected to welcome a heavy fund infusion in the country by foreign investors.
Gaurav Dahake, Founder & CEO, Bitbns:
From the upcoming union budget, we expect clarity in terms of how crypto transactions will get regulated. There have been many discussions going around in the crypto space; however, no concrete output so far. As an exchange, we have been working on this along with the finance ministry, creating favourable regulations. We have shared deeper insights and statistics that showcase the size of the industry, the scale, and the growth rate it offers. How critical it is to various vital pillars of the economy, including employment creation and how people have been interacting with different crypto products that would ultimately help grow the Indian economy. Therefore, with the upcoming union budget, we expect detailed clarity on how it will be regulated and an introduction to a tax regime that would be more fruitful. 2021 was the most significant year in terms of how things shaped up for the crypto industry in India and as a crypto community. With a robust mechanism in place, 2022 would be the year of mainstream crypto adoption.