The Indian government is about to ban crypocurrencies in India, but lobbying is its peak by Cryptocurency exchange operators to prevent the banning.
More nuanced crypo regulation rather than banning are the suggestions some Crypto exchange companies such as IndianCrypto Exchange, WazirX CEO, Nischal Shetty and other stakeholders in the Crypto industry.
A presentation outlining the recommendations for cryptocurency regulations in India has been drafted by Indian’s Blockchain and Crypto Council as reported by The Economic Times.
The recommendations contains measures to address issues like money laundering and threats to rupee monetary sovereignty in the country. The aforementioned are the what was proposed by the council, which is an arm of the Internet and Mobile Association of India or IAMAI.
Premised on the negative stance by the government authorities towards cryptocurrencies, Sehtty belives that, the proactive approach adopted by crypto stakeholders in the country has become necessary
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.
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.