The Indian Prime Minister has acknowledged the efforts of a young developer of a crypto tracker application, causing more confusion in the Asian country on the legality of the digital assets.
Crypto Price Tracker
Modi, the Indian Prime Minister, awarded Miss Harshita Arora, the 18 year old developer, the Bal Shakti Puraskar 2020. The youth award recognizes the achievements made by young people in the field of academia, art, culture, sports, science and technology. According to the tweetby the premiere, Miss Arora’s,
Passion towards science, technology and human welfare are clearly visible.
Crypto Price Tracker, the application developed by the young girl, helps people protect their crypto investments through portfolio management and giving real time price tracking data. Miss Arora is not new to developing applications. She also has developed another app, called Food AI. The recognition app let people identify different kinds of foods by taking a picture and comparing it with an online database. CellCountis another app that helps scientists count the number of cells visible in any microscopic image.
Crypto Love or Crypto Hate
The Indian government has a very strange relationship with cryptocurrencies. A little over a year ago, the Reserve Bank of India (RBI) had issued a noticein which it warned banks and other financial institutions not to entertain individuals or groups who deal in cryptocurrencies. This led to the crypto market collapsing in the country. The decision was challenged by the Internet and Mobile Association of India (IAMAI), a collection of tech firms that include big names such as Yahoo! India, IBM and others. The battle is being furiously fought in the Indian Supreme Court, with the tech industry of the country keenly following the changes.
With the Prime Minister now awarding a young girl whose application is specifically for the crypto industry, the problem seems only to get more complex.
The lawmakers at the Indian Parliament have also drafted a bill, called the Banning of Cryptocurrency & Regulation of Official Digital Currenciesthat would back up the decision of RBI. If enforced, the bill would essentially create a blanket ban on any forms of cryptocurrency. The bill declares any form of digital asset illegal under a broad definition,
any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.
The inconsistency of the government and its actions has been a source of much confusion in India for the past year or so. Experts have already claimedthat due to the actions of the government and its regulatory bodies, the country has lost USD 13 billion in revenue.