Nischal Shetty, CEO of Indian crypto exchange WazirX, and different stakeholders within the business are reportedly working towards convincing the federal government to undertake extra nuanced cryptocurrency laws.
According to a report by The Economic Times, the nation’s Blockchain and Crypto Council has drafted a presentation be aware highlighting suggestions for cryptocurrency laws in India.
The regulatory framework proposed by the council — which is an arm of the Internet and Mobile Association of India, or IAMAI — reportedly incorporates measures to deal with points like cash laundering and threats to rupee financial sovereignty within the nation.
For Shetty, the proactive method adopted by crypto stakeholders within the nation has turn out to be essential given the damaging stance taken by authorities authorities towards cryptocurrencies.
Thus, the council plans to current its suggestions to authorities businesses just like the Ministry of Electronics and Information Technology and the Department of Economic Affairs.
According to Shetty, the crypto collective has taken the final two months to perceive the federal government’s anti-cryptocurrency reservations and is assured that its suggestions represent workable options for all events concerned.
The WaziriX CEO stated the council hopes to be given a discussion board to current its concepts formally to all regulatory stakeholders.
India’s authorities has but to ship a decisive place on cryptocurrencies, with this regulatory void giving rise to some speculation of a possible blanket ban.
Earlier in March, the nation’s finance minister, Nirmala Sitharaman, dismissed rumors of an impending crypto ban, stating that the federal government would undertake a calibrated approach to dealing with cryptocurrencies.
The Reserve Bank of India stays a staunch crypto critic within the nation. Indeed, the RBI banned commercial banks from facilitating cryptocurrency transactions again in 2018, a choice that was later reversed by the Supreme Court in March 2020.
Recent feedback from the central financial institution present little has modified within the RBI’s anti-crypto stance, with RBI Governor Shaktikanta Das saying the apex financial institution has communicated its concerns about cryptocurrencies to the federal government.
As beforehand reported by Cointelegraph, India’s Ministry of Corporate Affairs has amended the Companies Act of 2013 to embrace crypto reporting requirements for each private and non-private companies within the nation.