India has a very interesting and complicated relationship with the cryptocurrency industry. In the past, crypto businesses were prevented from receiving banking services by the Reserve Bank of India. This led to many crypto-related firms in India either closing down or having to move their operations abroad in order to survive. While the ban has since been struck down, the industry within India still faces challenges.
Most recently, the Internet and Mobile Association of India has publicly stated that it does not support a ban on cryptocurrencies. Instead, the association has called for better crypto regulation.
The Internet and Mobile Association of India Appeals to the Government
In their most recent statement to the Indian government, the association has pleaded that cryptocurrency should not be banned. Instead, the association suggests that robust mechanisms be put in place that will allow the industry to be integrated into the larger society and operate under government regulations.
The reason for this, by their account, is that the industry is very beneficial to the Indian economy, especially when it comes to job creation.
“Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to the government of India’s Digital India vision,” said the organization in their statement.
India is one of the biggest crypto markets in the world and the popularity of tokens has continued to endure, even during the time of the ban. India, like many countries, will hopefully come …
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