The Supreme Court recently issued a decision on Article 370, with CJI DY Chandrachud approving the complete removal of Article 370 from Jammu & Kashmir. It's noteworthy that India decided to end Article 370 on August 5, 2019, leading to significant changes in Jammu & Kashmir.
All provisions of the Indian Constitution, which were not applicable to Jammu & Kashmir, became effective after this decision, granting residents the same rights as other Indian citizens. However, does the region, now subject to Indian constitutional norms, have awareness of regulations related to cryptocurrencies?
Due to its proximity to the Pakistan border, Jammu & Kashmir has consistently faced terrorist activities, leading to periodic internet shutdowns. These disruptions hinder residents from accessing timely information on social media and new technologies.
Additionally, prior to August 5, 2019, Indian citizens lacked permission to trade in POK, contributing to a lack of significant industry in Jammu & Kashmir. However, with the complete removal of Article 370, Jammu & Kashmir could potentially become an industrial hub, with cryptocurrency playing a crucial role.
However, before that, there is a need to raise awareness about crypto among the people here. For this, the Indian government can educate the people of Jammu & Kashmir about cryptocurrency through the internet. Like Uttar Pradesh, the Indian government could raise awareness about crypto among the people of Jammu & Kashmir through an education program.
India is consistently working on developing itself in the field of cryptocurrency. PM Narendra Modi and Finance Minister Nirmala Sitharaman are actively discussing the creation of a regulatory framework for cryptocurrency. If the people of Jammu & Kashmir are also educated about the rules related to crypto, the region might attract foreign crypto exchanges like OKEx and Coinbase. Its natural beauty could assist foreign investments, potentially turning Kashmir into a crypto hub.
Additionally, Indian crypto exchanges may plan investments in Jammu & Kashmir, contributing to the growth of India's economy and the crypto market, fostering development in the region.
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