There is a lot of uncertainty around regulations governing India’s cryptocurrency industry. Despite the Supreme Court lifting the cryptocurrency trading ban, many Indian banks continued to cite an RBI circular banning banks from dealing in crypto, prompting RBI to issue a clarification.
IndiaTech.org, an industry body representing India's consumer internet startups, unicorns, and investors, recently published a whitepaper proposing a five-point policy framework to regulate the cryptocurrency industry in India.
In a conversation with YourStory, Rameesh Kailasam, CEO of IndiaTech.org, says that the recommendations would help mitigate the risks associated with the cryptocurrency space, and foster growth and innovation.
He believes that with the right approach, India can capitalise on the crypto industry’s potential and become a home to blockchain innovation that could impact the Indian economy.
The first step, Rameesh says, would be to embrace cryptocurrencies and define them as digital assets, not as currency
"The fundamental point of concern is treating cryptocurrency as a form of currency," he adds.
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- Binny Bansal co-founded xto10x — a Bengaluru-based startup consulting and SaaS tech company — on Wednesday acquired Delhi-based HR tech startup Dockabl for an undisclosed value.
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- Individuals can now voluntarily update their vaccination status on Aarogya Setu mobile app through a self-assessment process. MeitY said all the users will get the option to "Update the Vaccination Status" if they have not taken the revised self-assessment in the updated version of the app.
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- RoundGlass, a global wholistic wellbeing company, has acquired fitness discovery platform Gympik Health Solutions for an undisclosed sum. RoundGlass has now onboarded digital fitness discovery platform Gympik.com and fitness centre management SaaS platform Traqade.
Before you go, stay inspired with…
"We shouldn’t miss the bus with crypto and blockchain. The industry is fast-growing and it should be embraced with checks and balances in place."
— Rameesh Kailasam, CEO of IndiaTech.org
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Link : https://yourstory.com/2021/06/5-steps-india-can-take-to-regulate-cryptocurrencies-rameesh-kailasam
Author :- Team YS ( )
June 03, 2021 at 06:00AM
YourStory