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Interview: ‘Government has signaled a middle ground approach to crypto-currencies’ say founders of Giottus

The government has signaled that an all-out ban on crypto-currencies in India is not part of its strategy for regulating the industry, said Vikram Subburaj, chief executive officer of Giottus, a leading crypto-currency exchange. In an interview with MediaNama, Subburaj said that despite the initial panic and sell off among Indian investors after the government the proposed crypto-ban, the market has rebounded with more investors coming onboard. 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 Reserve Bank of India (RBI) with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to the official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. Since announcing the proposed legislation, the Finance Minister has clarified that the government will give investors a window to square their holdings and that a "calibrated" policy is being planned. According to Arjun Vijay, chief operating officer, Giottus the government should consult the domestic industry while formulating its policies and that India's crypto-currency firms should be allowed to participate in building a Digital Rupee, as the government intends. [embed]https://www.youtube.com/watch?v=oe3yD9o6-fE[/embed] Edited excerpts from MediaNama’s interview with Vikram Subburaj, chief executive officer and Arjun Vijay, chief operation officer of Giottus, follow. Government has indicated some positive signals With the Finance Minister stating that the government would have a calibrated approach, the two founders said that the government seems to be moving to…

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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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