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Indian Crypto Firms Suggest Policy Ideas to Government Ahead of Possible Ban

  • Posted On - 2021-03-31 07:05:11

Top Indian Exchanges such as WazirX, CoinDCX are presenting government officials their vision on how India should regulate crypto

Crypto related firms in India are planning to present the country’s government and central bank with their vision for a productive regulatory regime, The Economic Times reported on Tuesday.

The group – including Unocoin, WazirX, CoinDCX, Paxful, Pocketbits, ZebPay and Coinswitch – represented a package of documents explaining the present state of cryptocurrency market in the country and possible ways to bring the regulation. This petition comes as Indian legislators float a potential ban on private cryptocurrencies.

Further, the application will be sent to Indian Finance Minister Nirmala Sitharaman along with the Reserve Bank of India, the Department of Economic Affairs and the Ministry of Electronics and Information Technology, according to the report.

The review by CoinDesk on the application, says India has over 10 million crypto users currently, in which more than half-a-million are day traders and more than 3,000 people are employed in the crypto industry. The presentation also mentions the money-laundering and environmental concerns related to cryptocurrencies and suggests a package of policy proposals.

The group suggested research on potential outcomes if India put a ban on crypto, proposals on the upcoming regulation, a draft code of conduct for crypto exchanges to adopt and an overview of the crypto regulation practices in different countries.

India is in plan to pass its first-ever cryptocurrency legislation, though the finance minister partly calmed industry fears by stating - the government will still “allow certain windows for people to do experiments on the blockchain, bitcoin or cryptocurrency” - on March 15.

At the same time, rumors started circulating around that Indian authorities might look over to block IP addresses of cryptocurrency exchanges in the country.

Despite the uncertainty of government, India has an active crypto market and is growing significantly from the pandemic year of 2020. The country has a huge young population and is the biggest online market in the world.