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…
- Delhi Govt notifies Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023 December 6, 2023
- Post Office Bill 2023 passed in Rajya Sabha: Here are the major privacy concerns raised by MPs December 5, 2023
- Amazon launches AI assistant Amazon Q, and other major announcements from the re: Invent conference December 5, 2023
- Madhya Pradesh HC Upholds Order Holding WhatsApp Group Admin Liable for Objectionable Photos Shared December 5, 2023
- Meta removes 13 fake accounts and 7 fake groups targeting online discussions in India December 5, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...