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India's Internet and Mobile Association Calls for Crypto Regulation, Not Ban
The association said India could benefit from a "robust" regulatory regime for digital assets.
The Internet and Mobile Association of India (IAMAI) appealed to the Indian government Wednesday not to ban cryptocurrencies.
Продовження Нижче
Не пропустіть жодної історії.Підпишіться на розсилку State of Crypto вже сьогодні. Переглянути Всі Розсилки
The IAMAI is proposing the government introduce “robust mechanisms” to regulate the cryptocurrency sector because the country could see considerable benefits from digital assets such as job creation, according to a report from The Hindu Business Line.
“Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to the government of India’s Digital India vision,” said the IAMAI.
Read more: India’s Central Bank Sees Pros and Cons With National Digital Currency
The Indian government is planning to introduce a bill into the parliament's ongoing budget session that would ban "private cryptocurrencies" but the scope of the bill is unclear.
However, India’s Minister of State for Finance, Anurag Thakur, said Friday the government needs to study national security risks posed by virtual currencies before making any decision on their legality.
The IAMAI previously helped the successful challenge of the central bank's ban on banking services for crypto firms that was overturned last March.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
