According to Sandeep Nailwal, the controversial approach of the Indian authorities to cryptocurrencies is causing thousands of investors and experts to leave their homeland for other countries.
India loses experts
Sandeep Nailwal – CEO and co-founder of Polygon – sees the huge chaos prevailing in the Indian cryptocurrency market. In his opinion, this disorder causes thousands of developers, investors and entrepreneurs to leave for countries with a more friendly regulatory framework.
Why is this happening? Recall that at one point the Indian authorities even wanted to punish the use of bitcoins with imprisonment. In November 2021, they planned to introduce a ban similar to that in China. However, soon after, officials changed their position, claiming that regulating the market would be a better solution.
Regardless of the government’s final decision, Polygon co-founder Sandeep Nailwal recently argued that this regulatory uncertainty is causing many Indian developers, investors and entrepreneurs to leave their homeland and settle in other countries.
He himself assures that he wants to live in India and further develop his blockchain protocol. Nevertheless, the situation is very unfavorable for the market for new technology.
It is worth noting that the implementation of appropriate regulations could turn India into the center of cryptocurrencies in the region. The country is home to 1.4 billion people, and many of them are young people with considerable knowledge of technology. What’s more, India has the second highest cryptocurrency adoption rate after Vietnam.
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