Lack of Regulations Likely to Push Out More Than 80% of Indian Blockchain Developers According to a Survey

According to a survey conducted by Incrypt, more than 80% of Indian based blockchain developers are planning to move out of the country to work with foreign companies if the Indian government fails to provide a clear regulatory framework. This survey that was conducted over a period of six months included more than 100 Indian developers. Incrypt is a blockchain community leader based away from Bengaluru.

According to the report after the survey, the delay by the Indian government to release the required regulatory framework is hindering innovation, dragging capital infusion and as a result shutting down a lot of opportunities for the blockchain entrepreneurs in the country.

The Reserve bank of India RBI had directed all financial institutions in India not to operate or transact with any firm using cryptocurrency. This restriction took effect as from the 6th of April barring major exchanges operating in India from making fiat deposits or withdrawals. This restriction has a had a far reaching negative effect on the crypto industry in India.

Incrypt founder Nitin Gupta said that blockchain projects are creating new opportunities in the information technology IT industry. There are a lot of front and back end engineers getting opportunities thanks to this technology. These jobs come at a time when the IT industry has been declining losing jobs. He advises that India needs to take action and set the right regulations to help firms manage risks and attract foreign blockchain investment as a result.

Looking at the Indian market, the government is not entirely against the blockchain technology, but against bitcoin. The government is in fact in favor of private blockchains, and have several projects currently being explored. It is however, not in favor with public blockchains like Ethereum, a position that is making blockchain developers in the country find it hard to build applications on the public blockchains.

Despite cryptocurrency prices going down in 2018, data shows that blockchain opportunities continued to rise from 2017 through 2018 and are still on the rise. Proper regulations could create more job opportunities for a country that has among one of the largest pool of blockchain developers. Only 5000 of these developers at the moment have the right blockchain technology skills, but this could rise with more opportunities.

Companies like Consensys have established courses and hackathons in the Indian blockchain community after realizing the underlying potential in this pool of developers.

Indian booming economy will begin to lag if they continue with their policies of restricting a booming industry such as the crypto industry. Restricting individuals from developing crypto and blockchain technologies will leave India behind as the rest of the world moves forward in this space. A lot of potential developers that could help India move forward will be forced to migrate to seek opportunities else where since no one can stop technology from advancing.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Giving Strong Bullish Signals, Markets to Roar Higher into Next Year

Today, Bitcoin is on the move, aiming for $11,000, currently trading around $10,915. Adding to this bullishness is all the dry powder. $20 billion worth...

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first...

KuCoin Hack Update: 11 Crypto Projects Freeze the Stolen Tokens

Over the weekend, KuCoin lost about $275 million in BTC, XRP, BSV, XLM, TRX, stablecoins, ETH, and other ERC-20 tokens in a security breach....

Bitcoin Re-Entering the ‘Intense Historical Trading' Area Following a Strong Uptrend

Bitcoin is back at near $11,000. The leading digital currency has been making its way upwards since the mid of last week. Today, to mark...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today