Waking up of India to appretiate virtual digital assest as innovation opportunity

By Aruna Sharma, Practitioner Development Economist and Retd Secretary, GoI

The story of Virtual Digital Assets (VDAs)commonly referred to as Crypto had a shock when banned by RBI and eventually the Supreme Court removed the ban in 2020 but since then in limbo with no regulator or directions or recognition of virtual digital assets. That did not bring down the enthusiasm of investors or the exchanges who continued to innovate and adopt more and more better practices by insisting KYC those you board their exchange, all payments being digital thus enabling better analytics for red flags for platform being used for the apprehensions of the RBI for use of money laundering or end use for non-welcome activities. With suddenly countries like US, Ethiopia trying Government to invest in virtual digital assets and our neighbour Pakistan going for same, it is important for India to have robust ...