wordpress blog stats
Connect with us

Hi, what are you looking for?

Exclusive: IAMAI paper highlights negative effects of crypto ban

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…

Please subscribe/login to read the full story.
Written By

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

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

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...

Advert

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...

News

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...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ