Indian cryptocurrency exchanges are prepared to engage with the government, go over, share inputs about framing regulations, and are even prepared to share relevant information about it but there shouldn’t be a full ban, according to Gaurav Chopra, Vice President, Internet and Mobile Association of India (IAMAI). “There are many things you may lose by banning cryptocurrencies such as talent, economic benefit, taxation benefit, and more. We also want to protect customers from fly-by-night operators if there are any. So, let us bring in a transparent ecosystem that protects stakeholders,” Chopra told TheSpuzz Online.
IAMAI, which represented cryptocurrency players in India, on Tuesday mentioned that cryptocurrency has been producing jobs across legal, compliance, tech, advertising, enterprise improvement, finance, and other functions in India and abroad. Hence, offered the scale and diversity, the excellent governance and regulation of the cryptocurrency ecosystem in India are essential, and that it will give impetus to the Digital India purpose. According to IAMAI, there are more than 10 million crypto holders holding crypto assets worth more than $1 billion in India and more than 300 startups producing “tens of thousands of jobs and hundreds of millions of dollars” in income and taxes. Moreover, the everyday crypto trading volume in India presently is among $350 Million and $500 Million.
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Crypto startups have been voicing their issues against the probably ban of ‘private cryptocurrencies’ by the government below the proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. However, Finance Minister Nirmala Sitharaman had lately told CNBC TV18 that the government desires to make certain that there is a window obtainable for all types of experiments that will have to take location in the crypto planet and that the government’s position on cryptocurrencies will be a “very calibrated” one.
“US, Japan, and other developed countries have a positive outlook towards crypto and are considering setting up of regulations for crypto…India should develop balanced and positive crypto regulations that will both ensure consumer protection as well as lead to more startups building in blockchain, more jobs, wealth creation for investors, and more tax revenue for the government,” Nishith Desai, Founder, Nishith Desai Associates mentioned in a statement. “If govt comes out with self-regulation mechanism or with fully regulated mechanism, the industry is ready to comply. In fact, we are asking and welcoming if regulations can come. We want to have legitimate industry status,” added Chopra.