The Internet and Mobile Association of India (IAMAI) says that the government should regulate cryptocurrencies and promote its use in the country as they have many benefits. But the proposed blanket ban by the Indian government would lead to the proliferation of a shadow market, stall blockchain adoption and would restrict the government's regulatory bodies from controlling any undesirable effects, it said in a policy paper. The white paper prepared by the Blockchain and Crypto Committee of the IAMAI, said that a blanket ban on crypto-currencies is virtually impossible given that it is decentralised technology. Rather than a ban, the government should regulate cryptocurrencies, whether as an asset class or as a medium of exchange, to capitalise on the rise of cryptocurrencies and blockchain technology in order to advance India's position as a global IT power. MediaNama has seen a copy of the white paper titled The Case for Regulating the Use of Cryptocurrency in India. "By incorporating a measured mix of international best practices, existing domestic regulatory regimes, and some new regulations, the Indian Government can promote the use of cryptocurrency in the country. In a regulated market, crypto exchanges will play a crucial role by ensuring compliance to KYC and AML guidelines, and mitigate illicit activities in digital currencies" —IAMAI White Paper on Regulating Crypto-Currencies In a statement issued on Tuesday, the IAMAI said that the Indian crypto community consists of over 10 million crypto holders holding over $1 Billion worth crypto assets with daily trading volumes of…
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