Govt should establish robust regulatory mechanism for cryptocurrency ecosystem: IAMAI
IAMAI noted that cryptocurrency has been generating jobs across a variety of functions - legal, compliance, tech, marketing, business development, finance, etc - in India and abroad.
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Industry body IAMAI on Wednesday appealed to the
Indian government to not ban cryptocurrency and develop a robust mechanism to regulate the related ecosystem in the country.
IAMAI noted that cryptocurrency has been generating jobs across a variety of functions - legal, compliance, tech, marketing, business development, finance, etc - in India and abroad.
Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verification of the transfer of funds, operating independently of a central bank.
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According to IAMAI, “The crypto community consists of over 10 Million crypto holders holding over $1 Billion worth crypto assets, 300+ startups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. There’s a daily trading volume of $350 million - $500 million.” It added, “The proposed move to ban will have an adverse impact and will lead to loss in investments and hit 10 million Indian crypto customers. Hence, we are urging the government to define the cryptocurrency regulation framework after due consultation with IAMAI and stakeholders such as India crypto-asset user groups and the exchanges that facilitate buying and selling.”
IMAI against the proposed cryptocurrency ban in India
IMAI against the proposed cryptocurrency ban in India
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Internet and Mobile Association of India (IAMAI) has urged the Indian Government not to ban cryptocurrency in India and has also welcomed Finance Minister Nirmala Sitharaman’s comments that the government will take a “calibrated approach to crypto trading and “negotiations and discussions are going on with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India.
IAMAIhas issued a statement in which it has appealed to the Government of India not to ban cryptocurrency and has proposed to develop robust mechanisms to regulate the ecosystem. The reason to back their claim is that Cryptocurrency has been generating jobs across a variety of functions legal, compliance, tech, marketing, business development, finance, etc. in India and abroad.
Government Should Establish a Robust Regulatory Mechanism for Cryptocurrency Ecosystem: IAMAI
Mar. 10, 2021 at 12:13 pm
India’s leading Cryptocurrency players, represented by I
AMAI (Internet and Mobile Association of India) welcomed F
inance Minister Ms Nirmala Sitharaman’s comments that the government will take a “calibrated” approach to crypto trading and “negotiations and discussions” are going on with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India.
Appreciating the positive development,
IAMAI today appealed to the Government of India not to ban cryptocurrency, proposing to develop robust mechanisms to regulate the ecosystem. Cryptocurrency has been generating jobs across a variety of functions legal, compliance, tech, marketing, business development, finance, etc. in India and abroad. Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetu