China’s crackdown on cryptocurrency mining could have been an opportunity for electronic currency enthusiasts in India. But a lack of basic infrastructure and policies could be preventing them from being too optimistic.
Since May, China has been clamping down on cryptocurrency mining in an attempt to reduce carbon emissions, prevent money laundering, and maintain financial stability. The country has banned banks and payment companies from providing services to digital coin transactions, arrested several people engaged in cryptocurrency dealings, and suspended crypto-related accounts on Weibo.
This crackdown has led to an exodus of bitcoin miners from China, which accounts for around 70% of the world’s capacity, and many are looking to move to friendly alternatives like the US and Kazakhstan.
Meanwhile, in India, the cryptocurrency ecosystem has been booming. But when it comes to mining, India is a laggard. “As a crypto-market, India has not advanced the way other countries have been able to due to regulatory uncertainty. It is still at a very nascent stage,” said Nischal Shetty, co-founder of Indian cryptocurrency exchange WazirX.
Cryptocurrency mining in India
There has been an uptick in cryptocurrency mining in India in recent years. Companies such as Easyfi Network provide mining facilities and blockchain development in the country. Shetty of WazirX believes that there could be some other pockets of small-scale mining operations in some parts of the country. However, there is no official information available on the same.
Those in the ecosystem believe that supporting