India’s Internet and Mobile Association calls for crypto regulation, not ban

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The Internet and Mobile Association of India (IAMAI) on Wednesday called on the Indian government not to ban cryptocurrencies.

IAMAI proposes that the government introduce “robust mechanisms” to regulate the cryptocurrency industry, as the country could derive considerable benefits from digital assets such as job creation, according to a report by The Hindu Business Line.

“Considering the scale and diversity, good governance and regulation of the cryptocurrency ecosystem in India is essential and will give a boost to the Indian government’s vision of digital India,” said IAMAI.

Related: Grayscale Halts New Investments in GBTC After Trading 15% Below Bitcoin

Read more: India’s central bank sees pros and cons of national digital currency

The Indian government is Planning introduce a bill in the current budget session of parliament that would ban “private cryptocurrencies,” but the scope of the bill is unclear.

However, the Indian Minister of State for Finance, Anurag Thakur, noted On Friday, the government is due to study the national security risks posed by virtual currencies before making any decision on their legality.

IAMAI previously helped the challenge succeeded the central bank’s ban on banking services for crypto companies that has been reversed last March.

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