Internet and Mobile Association of India (IAMAI) Blockchain and Crypto Assets Council (BACC), India's largest crypto association, has welcomed the pro-active clarification of the Reserve Bank of India advising the banks against using the 2018 circular to not accept crypto related transactions of customers. The association hopes that with this clarifications given by circular RBI/2021-22/45, all speculations that banks are stopping transactions from 6 June 2021 will be put to rest.
Payments industry needs a self-regulator with teeth: Ramesh Narasimhan of WorldLine India OLYMPUS DIGITAL CAMERA
Like any industry, the payments industry has responsible players and some who think it’s the wild-west, said WorldLine India’s Ramesh Narasimhan in an interview with MediaNama. “We need a self-regulatory body with teeth, that can take action against players and make them fall in line with the best practices,” said Narasimhan, who is the head of digital commerce at WorldLine India.
MediaNama recently reported that the Payments Council of India (PCI) is in the final stages of submitting an application to the Reserve Bank of India (RBI) for a license to operate as a self-regulatory organisation (SRO) governing the digital payments ecosystem. The PCI, which operates under the Internet and Mobile Association of India (IAMAI), will float a
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The Payments Council of India (PCI), an industry body for digital payment operators in the country, is in the final stages of submitting its independent application to become a self-regulatory organisation (SRO) for digital payments, under the Reserve Bank of India’s mandate, said two sources aware of the development. The PCI, which operates under the Internet and Mobile Association of India (IAMAI), will float a
new not-for-profit entity which would serve as the SRO entity, and is looking to on-board various stakeholders and other industry associations as members apart from existing payments companies, they said on the condition of anonymity.
Exclusive: IAMAI, iSPIRT in fray to set up regulatory body for digital payments in India
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Synopsis
Under the RBI’s Self-Regulatory Organisation (SRO) framework, the regulatory body will liaison between the industry, government and regulators for streamlining policy and resolving disputes.
ETtech
(Illustration: Rahul Awasthi/ETtech)
Mumbai/Bengaluru: India’s two most influential technology and internet associations are in the fray to set up an industry body to supervise the country’s burgeoning digital payments ecosystem under Reserve Bank of India’s Self-Regulatory Organisation (SRO) framework, three sources aware of the matter told ET.
The Internet and Mobile Association of India (IAMAI), an industry body of all the leading internet and technology companies in the country, is preparing a proposal led by its digital payments arm, the Payments Council of India (PCI). The Indian Banks’ Association (IBA) is also considering joining the bid with PCI to for
Synopsis
Even as the government is undecided over what to do with cryptocurrencies, businesses are ready with compliance, talent, and technology arguments if push comes to shove. If the air isn’t cleared, India may lose a long-term wealth creation and inflation-hedging option in cryptocurrencies.
On March 6, 2021, finance minister Nirmala Sitharaman’s statement left many in the Indian cryptocurrency industry chuffed. The government’s change of stance with regard to cryptocurrencies and its intention “to experiment with cryptocurrencies” raised hopes among those invested in the idea. For the stakeholders involved, the going hasn’t been easy. Since the news of the government planning to ban cryptocurrencies started doing the rounds,