With a looming ban of Bitcoin and all other private cryptocurrencies in India, crypto exchanges in India are set to submit a proposal of how crypto can be regulated in India to India’s government officials and the central bank of India.
According to a report by The Economic Times, a group of crypto exchanges in India is set to reach out to the top financial organs of the country (the central bank and finance manager) in a bid to suggest possible solutions to crypto regulations in the country. The group comprises Coinswitch, CoinDCX, WazirX, ZebPay, Paxful, nocoin, and Pocketbits exchanges.
According to WazirX CEO and co-founder, Nischal Shetty, the Blockchain and Crypto Council, which is under the Internet Mobile Association of India already has a drafted presentation not touching on how to regulate cryptocurrencies, and address crypto associated risks like money laundering, its impact on the environment and its threat to the Indian Rupee.
“Eventually, our hope is that we will be invited where we can present our case formally. But we did not want to wait, we wanted to take a proactive approach,” Shetty said.
If the presentation was to be adopted, it would come as a reprieve to the over 10 million Indians who currently use cryptocurrencies.