Government Official Highlights Crypto’s Benefits to India’s Economy

Government Official Highlights Crypto's Benefits to India's Economy

Jayant Sinha is a member of the Parliament of India who recently expressed his positive perspectives regarding cryptocurrency adoption. On Monday, April 18, he said that the South Asian nation’s economy would be in an advantageous position by embracing virtual currency use.


We are glad to read this report today regarding a member of the Parliament of India, Mr. Jayant Sinha, affirming cryptocurrency’s potential auspicious contribution to India’s economic growth. We believe our readers who support virtual currency utilization will find this news interesting and relevant to read today as well.


According to the update posted online by Hong Kong-based blockchain and emerging technology news outlet Forkast, Sinha said that there are many diverse ways in which the metaverse and blockchain technology can play a very significant role in India’s economic expansion.


Furthermore, he cited that crypto-assets and non-fungible tokens or NFTs’ use-cases would increase over time as Indian consumers spend more time in the metaverse.


Sinha pointed out that distributed ledger and blockchain technologies would aid India’s economic growth.


The chairman of India’s Standing Committee on Finance added that the country would maintain its leadership in the animation, metaverse technologies, and gaming fields through the help of crypto-assets.


Moreover, Sinha mentioned that blockchain technology and cryptocurrencies have the potential to boost remittances’ efficiency and speed. With these possibilities, the member of the Parliament of India affirmed that the government of the South Asian territory has to safeguard cryptocurrency investors’ interests through regulations.


Sinha, who is also a management consultant and investment fund manager, pointed out that Prime Minister Narendra Modi’s government should ensure a level-playing field for market participants as well and prevent virtual currencies’ illegal uses.


We agree with Mr. Jayant Sinha’s viewpoints regarding cryptocurrency utilization. India presently has more than 1.4 billion people, and the use of virtual assets like Bitcoin and non-fungible tokens or NFTs by these citizens will surely increase with the rise in time spent on metaverses.


We gathered that the government of this South Asian nation is yet to formulate a policy on cryptocurrency.


Additionally, we learned that the administrative body of the Republic of India is still in the process of consulting with industry stakeholders while the cryptocurrency bill’s introduction has been delayed.


We, indeed, concur with Mr. Sinha when he pointed out that cryptocurrencies and blockchain technology are significant in the economic growth of India.


Thus, we hope that the Indian government will look into this politician’s latest insights, take them into serious consideration, and speed up cryptocurrency policy formulation, all for the citizens’ benefit.

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