Amid the tough stance of the Indian regulators and legislators in relation to the crypto currency has seen a massive Exodus from the country of talented professionals in the field of blockchain and cryptocurrency. Pursuant to article publication News18от September 18, we are talking about individual developers, service providers, companies and entire blockchain. All of these individuals and businesses are leaving India and heading to countries friendly to cryptocurrencies, such as Thailand, Estonia and Switzerland.
The founder of one of the Indian cryptocurrency exchanges who wished to remain anonymous, said in an interview:
“In India there is no shortage of talented people and promising companies, but the constant fear of repression forces them to leave the country. It’s natural. A business flourishes only in favorable environment.”
The current Exodus of talent is not a new movement. Many startups and companies in the recent past have already moved to Singapore and Ireland, by reason of adequate taxation, the ability to obtain financing, etc.
The toughening of the positions of legislators stimulates this process. Several owners of kryptomere confirmed in an interview to News18 that are about to take their operations outside the country.
Among the countries attractive to Indian talents in the field of blockchain – Singapore, Estonia, Switzerland, UK and Japan. It seems that Estonia is a leader in the attractiveness, because it created favorable conditions for the work of the cryptocurrency sector, the development of technology and registering a business simple.
In December 2014, Estonia has even launched a program “e-residency” that can assist companies with the registration process in the country. The representatives of Estonia has visited India with the aim to help local businesses to move to this small country in Northern Europe. They plan to invite up to 200 Indian startups.
Now India is a hot debate on the topic of cryptocurrencies. February 1, 2018, Finance Minister Arun Jaitly stated that “the government will take all measures to prevent the use of scriptaction to Finance illegal activities and will explore the possibilities of blockchain technology in the development of the digital economy”.
On June 13 the Reserve Bank of India recognized that and have not created a working group for the cryptocurrency in response to a request from Varun Sethi, a lawyer from new Delhi.
Although the government of India welcomed the development of the blockchain, the government has exercised caution in relation to cryptocurrencies. Expert in cyberlaws Pavan Duggal believes that the government will not, however, able to unleash the potential of the blockchain, if cryptocurrencies will remain banned.