India hasn’t been the friendliest jurisdiction to cryptocurrencies. The crypto industry in the country has been involved in an endless row with the country’s Reserve Bank, and the RBI has thus far had the upper hand. The animosity has pushed some crypto firms out of business this year. And now, another blow.
According to a new report, the Indian government is in no hurry to move in and regulate the industry. The country’s finance minister recently responded to concerns in parliament over the government’s laxity in regulating the increasingly-popular industry. There isn’t enough information or precedent to follow to regulate the industry, he stated. The regulatory ambiguity has cost the industry greatly in the country, and it looks set to continue doing so heading into 2019.