Last week, the Indian cryptocurrency community was in a state of panic after a Bloomberg Quint report revealed that India has proposed a jail term of up to 10 years for cryptocurrency use. The recommendations, which came from the official cryptocurrency committee, are part of the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019.
Currently, there is a lot of ambiguity surrounding cryptocurrency regulations in the country. While the Bloomberg Quint report pointed at the severe punishment in the draft bill, another report stated that RBI is not even aware of the existence of such a bill. In addition, the Supreme Court hearing on July 23,, 2019 is also expected to have a huge bearing on cryptocurrency regulations in the country.
In the absence of clear regulatory guidelines, it is imperative for the Indian crypto community to come together and force the government to bring change. Blockchained India, one of India’s foremost open blockchain communities, has been instrumental in spearheading this revolution through their pan-India roadshows. Their newest initiative – India Dapp Fest (IDF) – will provide a great platform for crypto enthusiasts, traders, hodlers, miners and investors to come to together and discuss an action plan for crypto regulations in the country.
The IDF is a five-day event that will be held from June 11-15 in Bengaluru. IDF will be running a hackathon and workshop for the first three days whereas the last two days will be dedicated to a focused blockchain conference. The conference has already built momentum with the Blockchained India Roadshows and the event is expected to have a huge impact on the state of crypto regulations in the country.
A significant focus at the IDF will be the Digital Asset Regulations Policy. The findings in the report have been compiled by incorporating suggestions from crypto thought leaders in India and policies from more advanced cryptocurrency regimes such as Switzerland. The Digital Asset Regulations Policy Report will be submitted to the government in order to prod the regulators in the right direction.