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Elections in India may hurt the state of cryptocurrency in the country

elections in india may affect cryptocurrency

The general elections in India are near and they will occur in seven phases. The elections will start on 11th April 2019 to 19 May 2019. After four days of the last election, the results will be published. Varun Sethi has claimed that these elections could impact the recent case of introducing regulations in crypto space in India. Varun Sethi is the founder of the blockchain network called Blockchain Lawyer.

Varun Sethi along with Gupta who is the CEO of Coindcx further elaborated on the impact of the elections on crypto space. They said that it is a code of conduct or rule in India that while the elections are taking place no decisions can be regarding any policies in India. They are of the view that now that the dates of the elections have been made official the government may postpone the case regarding the new regulations that were to be introduced in crypto space.

Varun Sethi further clarified saying that the case may be solved in a matter of days almost instantly. This is because of the rules and code of conduct are only applicable during the days the elections are being held and not after it.

The government of India was given twenty-eight days to prepare a report regarding the regulations in crypto space. The report was to be shown in the court on the 25th of February 2019. The report was to be submitted by the Secretary of Department of Economic Affairs. The government then preceded to ask the court to postpone the hearing after the elections.

Before this, the government had made an announcement to release the regulation by July the previous year but no such regulations were introduced. This shows that the government does not prioritize the crypto industry and the issues regarding it. The government then gave a statement in February of 2019 saying that the framework of the new regulations to be introduced is almost finished.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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