Cryptocurrency exchange operators in India are attempting to dissuade the government from banning digital currencies.
Nischal Shetty, CEO of Indian crypto exchange WazirX, and other stakeholders in the industry are reportedly working toward convincing the government to adopt more nuanced cryptocurrency regulations.
According to a report by The Economic Times, the country’s Blockchain and Crypto Council has drafted a presentation note highlighting recommendations for cryptocurrency regulations in India.
The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country.
For Shetty, the proactive approach adopted by crypto stakeholders in the country has become necessary given the negative stance taken by government authorities toward cryptocurrencies.
Thus, the council plans to present its recommendations to government agencies like the Ministry of Electronics and Information Technology and the Department of Economic Affairs.
According to Shetty, the crypto collective has taken the last two months to understand the government’s anti-cryptocurrency reservations and is confident that its recommendations constitute workable solutions for all parties involved.
The WaziriX CEO said the council hopes to be given a forum to present its ideas formally to all regulatory stakeholders.
India’s government has yet to deliver a decisive position on cryptocurrencies, with this regulatory void giving rise to some speculation of a possible blanket ban.
Earlier in March, the country’s finance minister, Nirmala Sitharaman, dismissed rumors of an impending crypto ban, stating that the government would adopt a calibrated approach to dealing with cryptocurrencies.
The Reserve Bank of India remains a staunch crypto critic in the country. Indeed, the RBI banned commercial banks from facilitating cryptocurrency transactions back in 2018, a decision that was later reversed by the Supreme Court in March 2020.
Recent comments from the central bank show little has changed in the RBI’s anti-crypto stance, with RBI Governor Shaktikanta Das saying the apex bank has communicated its concerns about cryptocurrencies to the government.
As previously reported by Cointelegraph, India’s Ministry of Corporate Affairs has amended the Companies Act of 2013 to include crypto reporting requirements for both public and private firms in the country.
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Author: Osato Avan-Nomayo