President Trump’s Win Over Bitcoin is a Wake-up Call for India

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As a seasoned investor with roots deeply entrenched in the dynamic world of cryptocurrencies, I can’t help but feel a sense of urgency and anticipation as I witness the global crypto landscape unfolding. The recent electoral victory of Donald Trump, who has openly expressed his support for Bitcoin and cryptocurrencies, is undoubtedly a game-changer.

In light of Donald Trump’s victory in the 60th U.S. presidential elections on Wednesday, backed by the crypto community, Indian crypto influencers have posed questions as to whether the Indian government should persist with their hesitation and uncertainty regarding Bitcoin and other cryptocurrency regulations.

One significant political focus for Donald Trump this year involves proposing the development of a strategic Bitcoin reserve for the U.S., with the ambition of making America the global leader in Bitcoin mining. Indian social media personality and YouTuber Kashif Raza recently urged the Reserve Bank of India to convene an immediate meeting and establish a policy regarding Bitcoin within 48 hours, suggesting it should be incorporated into their national treasury. Trump’s stance is that America needs to seize every available opportunity; this situation is critical and requires urgent action.

The Reserve Bank of India (RBI) should convene an urgent meeting regarding Bitcoin and establish a policy on its integration within the treasury within the next 48 hours.

— Kashif Raza (@simplykashif) November 6, 2024

Kashif X’s post suggests that the Indian government appears indifferent towards cryptocurrencies, as smaller countries such as Bhutan, El Salvador, Kenya, and Paraguay are embracing them, while India continues to impose a 30% tax on them instead.

In response to Senator Cynthia Lummis’ tweet about the U.S creating a strategic Bitcoin reserve, Sumit Gupta, CEO of CoinDCX exchange, made a similar comment.

It’s worth noting that Bitcoin is experiencing significant growth, and India might want to pay attention and take prompt action to avoid missing out on potential opportunities.

— Sumit Gupta (CoinDCX) (@smtgpt) November 6, 2024

Indicating a strong possibility, India could spearhead the digital currency sector, standing atop the Global Adoption Index of 2024, as reported by Chainalysis. Regrettably, despite boasting a vast userbase and high adoption rates, the Indian government’s stance on cryptocurrency and blockchain appears somewhat lackadaisical.

There is no proper regulatory framework for crypto, but no clear rules and regulations which sometimes become a burden for Indian crypto users, we have seen this in the case of the WazirX 2000 crore hack.

Should India let this chance slip away, other nations, especially the United States, might grab it instead. Given that Donald Trump seems poised to take office as the next U.S. president, the country could witness an escalation in crypto adoption within the following five years. Trump’s pro-crypto stance during his campaign suggests a likelihood that this trend will be reinforced.

Experts believe that if Trump wins, it might result in a more favorable regulatory climate for cryptocurrencies within the U.S., which could have far-reaching effects on global crypto policies. Consequently, nations such as India may find themselves under pressure to define their own clear regulations regarding digital assets or risk getting left behind in this fast-paced technological competition.

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2024-11-07 10:14