India Heading Toward Crypto Legalization?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 3 February 2022

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

One of the key themes for 2022 is the relationship between governments and the crypto industry. On today’s show, NLW looks at the latest from India, one of the countries with the highest degree of speculation on whether banning or regulation is the path forward. The regulatory and legalization path got a big boost earlier this week during the finance minister’s annual presentation of the budget to Parliament. NLW also covers Russia’s seeming path to regulatory integration of crypto, as well. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: btgbtg/iStock/Getty Images Plus, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Wednesday, February 2nd, and today we are discussing whether India is heading towards crypto legalization.
0:32.3	First, though, if you are enjoying the breakdown, go subscribe to it, give it a rating, give it a review, or if you want
0:38.8	to dig deeper into the conversation with some really interesting thinkers, join the breakers
0:45.1	Discord. You can find the link to the breakers discord in the show notes or go to bit.ly
0:50.4	slash breakdown pod. So the Indian crypto story has been an absolute saga. In 2018, the Reserve Bank
0:59.6	of India effectively outlawed crypto by making it so that financial institutions in the country,
1:05.3	banks, etc., could not interact with cryptocurrencies or crypto-related businesses in any meaningful way.
1:11.7	In early 2020, however, the country's Supreme Court overturned that ban, creating much more
1:17.0	space for native crypto companies to grow and flourish. Since then, however, it has basically
1:22.5	been an endless string of back-and-forths and rumors and innuendo and reports on whether or not crypto
1:29.5	is going to be banned in the country. And of course, this has pretty big implications.
1:35.7	India is a huge market. It has a tremendous number of people who could participate in, get the
1:41.5	benefits from, as well as contribute to the development of the
1:44.6	crypto space. I mean, we're talking 17.7% of the world's population, the third largest economy
1:51.5	in Asia behind just China and Japan. And to be clear, the lack of clarity hasn't really
1:57.2	stopped Indians from participating. India was one of crypto's biggest adopters last year,
2:02.4	ranking number two on the Chainalysis' 2021 Global Crypto Adoption Index behind only Vietnam
2:07.7	and just ahead of Pakistan. That index is benchmarked to three factors. One, on-chain
2:13.1	cryptocurrency value received, weighted by purchasing power parity per capita. Two, on-chain retail
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.