Policy muddle ruins year 2019 for crypto, blockchain industry

BENGALURU/MUMBAI: The cryptocurrency and blockchain industry has had a not-so-great 2019 in India and elsewhere due to lack of favourable regulations and hostile central banks, but things may change in the coming years, say experts.

The year began with shutdowns of cryptocurrency exchanges and layoffs. But with global giants, including Facebook, entering the space and several countries examining the virtual currency and the blockchain technology behind it, and the industry itself looking at self-regulation, experts suggest Indian crypto startups stand to gain. “Governments across the globe are now examining blockchain and cryptocurrencies, including stable coins, as well as selfregulated and global regulatory standards, which indicate more widespread public adoption,” said Changpeng Zhao, CEO of cryptocurrency exchange Binance, which recently acquired local exchange WazirX to enter the Indian market.

“I think in 2020, we will see different experiments tried by many different…