India's crypto regulations to be implemented in 18 months

According to a government official, India may take up to 18 months to implement its crypto laws. The nation is utilizing Web3 technology in a measured manner while adhering to constantly changing international standards. The government is monitoring the results of the cryptocurrency industry and seeks to find a balance between safety and creativity.

In the India Blockchain Week held in Bengaluru, Jayant Sinha disclosed this information. He heads the Standing Committee on Finance in India's Parliament and is also a parliamentarian from the ruling Bharatiya Janata Party (BJP).

“Regulators and policymakers are responsible, not just on the innovation side, which of course we want to encourage, but also on the safety side. We have to really find that balance and that balance is going to evolve over the next 12 to 18 months,” a news source quoted Sinha as saying.

He also said that the government is taking measured steps towards engaging with Web3 because it is still curious to see the usecases of related technologies that could empower the nation.

“Global standards are still evolving and 2024 is the year of elections around the world. Many important countries, whether it's the US, the UK, India, are going in for elections. So, I'm not sure in 2024 the standards will develop. We also have to see what's going to emerge from the (crypto) meltdown about whether some of these companies are going to survive," Sinha added.