As a ban on cryptocurrency hovers India, seven of the nation’s prominent crypto exchanges reach out to the country’s Finance Minister and Central Bank to address their digital assets concerns. The joint effort has examined the crypto exchanges prepare a full presentation comprising data on global regulatory systems, a proposed code of conduct for digital trading platforms, a whitepaper that describes the possible outcomes of a blanket ban, and other materials.
On February 24, the governor of RBI, Shaktikanta Das, voiced concern over crypto and supported a ban. The Blockchain and Crypto Council, a group of crypto exchange and advocates, has utilized the time strategically. The presentation note is their effort to understand the regulator’s concerns and develop a comprehensive set of solutions. Nischal Shetty, Co-founder and CEO of crypto exchange WazirX, a member of the group with six other exchanges, said that this is the first time the industry is sending a presentation with data and relevant content. He further added that prior communications were via emails.
Indian Cryptocurrency Exchanges to present the recommendations to Government Agencies
The council intends to present its recommendations to government agencies. It includes agencies such as the Department of Economic Affairs and the Ministry of Electronics and Information Technology. As per Shetty, the crypto collective utilized the last two months to consider the government’s anti-crypto reservations. It is optimistic that its recommendations constitute functional solutions for all parties involved. The WazirX CEO contended that the council expects the government to offer a forum to present its ideas formally to all regulatory stakeholders.
India’s government has yet to surrender a decisive position on cryptocurrencies. Further, this regulatory void is igniting some speculation of a potential blanket ban. Earlier in March, India’s finance minister, Nirmala Sitharaman, rejected rumours of an imminent crypto ban. Therefore, declaring that the government would ratify a calibrated approach to trading with cryptocurrencies. Between 2015 and 2018, India’s oldest crypto exchange Unocoin and trading platform ZebPay reportedly communicated with the RBI five times, however to no avail. We await to see if this joint effort leads towards India accepting Cryptocurrencies or banning them altogether.
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