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IAMAI Questions Governments’ Pre-Emptive Ban On ‘Private’ Cryptos

The Internet and Mobile Association of India (IAMAI) has questioned the government's decision to ban crypto-currency trading and investing in India prior to introducing a digital currency, as both fiat currencies and crypto-assets can co-exist, it said in a press release. The industry body believes that a regulated digital currency would act as fiat currency while the benefits of blockchain and crypto firms can lead to innovation and wealth creation in the country. Over two weeks ago, the government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the RBI with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to an official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. While the government wants to promote the use of blockchain across various use-cases, it has decided to enter the global race of creating a Central Bank Digital Currency (CBDC) while at the same time banning “private” crypto-currencies. This is similar to the model pursued in China. "However, the association would also like to point out that in a section of the media and non-expert circles, it has been indicated that the introduction of fiat digital currencies is preconditioned on “banning” other crypto assets. IAMAI would humbly question this artificial co-relation on grounds that fiat currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist. In…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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