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.
Exclusive: IAMAI, iSPIRT in fray to set up regulatory body for digital payments in India
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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
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.”