Vision For A Productive Crypto Regulatory Regime In India.
2021-03-31 | Mike Hallen
Crypto exchanges in India are
getting to present the country’s government & central bank with their vision for a productive regulatory regime, The Economic Times
reported earlier on Tuesday.
The group – along with Unocoin, WazirX, CoinDCX, Paxful, Pocketbits, ZebPay, and Coinswitch – compiled a package of documents explaining
the present state of the crypto-currency industry in India and possible ways
to manage it.
The industry entreaty comes as Indian lawmakers float
a possible ban
on private cryptocurrencies.
The package
is going to be sent to the Indian
minister of finance Nirmala Sitharaman, the Reserve Bank of India, the Department of Economic Affairs,
and therefore the Ministry of Electronics
and Information Technology,
consistent with the report.
The presentation, says India presently has
over 10 Mln crypto users, over half-a-million day traders, and
over 3,000 people employed
within the crypto industry. The presentation mentions the money-laundering and environmental concerns
associated with cryptocurrencies and suggests a package of policy proposals.
The exchanges suggested research on potential consequences if India bans crypto assets, proposals on the upcoming regulation, a draft code of conduct for crypto-currency exchanges to adopt, and
a summary of
cryptocurrency regulation practices
around the world.
India is looking to pass its first-ever cryptocurrency legislation, though Sitharaman partly soothed industry fears of overreach. The
minister of finance explained earlier on 15
th March that
the govt will still “allow certain windows for people
to try to experiments on the blockchain, bitcoin or crypto-currency.”
However,
around the same time, rumors started circulating Indian authorities might start
blocking IP addresses of cryptocurrency exchanges.
Despite the regulatory uncertainty, India has
a lively crypto market, which grew significantly over the pandemic year of 2020, as reported earlier. The country
features a large young population and
is that the biggest online market
within the world,
consistent with research data.
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