#indian cryptocoin

[pramodk19175827]

Best Indian Digital Currency to Invest in 2023

The Indian digital currency market is one of the fastest-growing in the world, with over 100 million active users. This growth is being fueled by a number of factors, including the increasing popularity of decentralized finance (DeFi) and the growing adoption of cryptocurrencies by businesses.

The Growth of Blockchain and Cryptocurrency in India

Over the last decade, blockchain technology, the underlying foundation of cryptocurrencies, has gained interest in India. Indian banks have recognized the decentralized system's potential to revolutionize traditional banking operations. Blockchain's transparency and immutability improve security, efficiency, and accessibility, making it a great fit for a variety of applications.

Top Indian Digital Currency

Trillioner (TLC):Trillioner Coin, forging India's Crypto Path, takes the lead with a stunning 2000% price increase. This effort, led by visionary entrepreneur Lavish Choudhary, offers an imaginative content-creator economy, redefines social media standards, and ushers in a new era of crypto banking. Trillioner Coin empowers individuals and blockchain enterprises through breakthrough financial services, bridging the gap between traditional banking and the crypto realm.

2. Polygon: MATIC, built on Ethereum smart contracts, attempts to get us closer to a 'cross chain' platform. This allows users to benefit from the strengths of several blockchains while also allowing them to communicate with one another. This coin is popular among investors who want to contribute to the progress of decentralized finance by borrowing and lending. It is one of the most promising cryptocurrencies to invest in in 2023.

3. GanderCoin: It is another emerging indian digital currency. It is intended to reconstruct old payment processes. GanderCoin is built with Scrypt cryptography. The network timestamps and transactions are controlled by hashing them into a continuous chain of hash-based proof-of-work if an unbreakable record is desired.

4. WazirX (WRX): The WazirX Crypto Exchange's utility token is WRX. Since the beginning, WRX Coin has experienced rapid growth in the cryptocurrency industry. In 2021, WRX Coin provided a significant return to its initial investors. If you plan on holding this coin for a long time, it has a lot of potential.

If you are looking to invest in Indian digital currency, there are a number of factors you should consider. First, it is important to do your research and understand the risks involved. Cryptocurrency is a volatile asset class, and prices can fluctuate wildly. Second, you should only invest in cryptocurrencies that you believe have a strong long-term potential.

Conclusion

Finally, the best Indian digital currency to consider for investment in 2023 offer a diverse range of chances for investors in the dynamic and continuously expanding crypto sector. Trillioner, GanderCoin, Polygon MATIC, and WazirX, among others, have unique value propositions, new technologies, and growth prospects. However, it is important to realize that investing in cryptocurrencies has inherent risks such as market volatility and regulatory uncertainty.

By - Nitika Gola

[coindelite-blog]

Indian Man Scammed Out of 10 Crores Over Bitcoin

To read more latest news visit: https://coindelite.com/

[w3villatechnologies]

Cryptocurrency: Current Trends and Legalization in India

Also termed as digital or virtual currency, secured by cryptography, cryptocurrency is a new type of digital asset based on the blockchain technology, distributed over a large network of computers. A key feature of cryptocurrencies is their decentralized formation, defining that they are not issued by a central authority which makes them immune to any government or malicious interference. 

Bitcoin being the first blockchain-based cryptocurrency still remains the most popular and most valuable among all. There are various other cryptocurrencies known as altcoins like Litecoin, Namecoin, Ethereum Etc. which have come up as alternatives to bitcoin.

Current trends in cryptocurrency to watch out for→

2019 proved out to be the most remarkable year for the global crypto market. This is because of the involvement of new groupings, new trading solutions, and the emergence of numerous blockchain protocols. 

So let us now gaze upon how the crypto-market is going to turn out in 2020.

The Decentralized Finance Projects→ Also known as Defi, Decentralized Finance acts as a way to move forward with its numerous advantages. The Defi projects now value over $650 million. Being tough to believe years back, today these trustless and secure financial services enable traders to easily switch between different debt positions.                  

The improved Ethereum public main-net → Phase 0 of the Ethereum 2.0 with the launch of a multi-client test-nest has reached the final phase of its testing. Close attention has been paid by the development leading teams, to the feedback given by the community. A partial launch of the Ethereum 2.0 can be seen in 2020.

Cryptocurrency Derivatives→ Significantly growing in size and usage, Crypto derivatives were earlier offered by a few exchanges only. On the contrary, a majority of them assist their investors to trade in large-cap cryptocurrencies.

High-speed network→ The lightning network of the cryptocurrency has proved to be a boon for its traders. It is a layer-2 protocol of the blockchain-based network that eases the instant settlement of cryptocurrency transactions. The traders in the upcoming time will witness the initiation of more and more nodes, channels, and applications built on lightning network infrastructure.

Private Transactions→ With an ever-growing concern of transaction privacy, we have also seen the development of the required tools for the same. With the right tools available, we will also witness ample transactions.

Crypto-friendly regulations across the world→ In various countries across the world, various laws have emerged for blockchain and cryptocurrency. This also proves the upcoming years to be vital for blockchain technology.

Indian parliament legalizing Cryptocurrency

With favorable laws for cryptocurrency across the world, the supreme court of India, on 4th March 2020, struck down the Central Bank’s circular of April 2018 which banned regulated financial institutions from providing services to businesses dealing in cryptocurrency. Abiding by the supreme court’s order the cryptocurrency exchanges in India sped up to re-integrate with banking solutions and restore INR support.

With the question of cryptocurrency’s success in India and its elevating scope across the world, W3villa aims at providing various seamless cryptocurrency services to its clients across the globe.

W3villa’s kettle of cryptocurrency services includes:-

Crypto Payment Gateway services.

Cryptocurrency wallet development services.

Cryptocurrency development services.

Cryptocurrency exchange development.

Other than these You can avail services like Smart Contracts Audit, Crowdsale, and even Cryptocoin Creation. Our services help you to establish a successful Cryptocurrency business. Our experts blend their knowledge and expertise to benefit your business.

[bowsetter]

Most Popular Cryptocurrencies in India According to Exchanges

Several Indian crypto exchanges have shared data with news.Bitcoin.com on the most traded cryptocurrencies on their platforms so far this year. Crypto enthusiasts in India have been buying and selling a wide range of cryptocurrencies despite the central bank’s roadblock which stops crypto exchanges from accessing banking services.

Also read: Indian Government Confirms Cryptocurrency Regulation in Final Stages

BTC

The most-traded cryptocurrency year-to-date on Indian exchanges Wazirx, Coindcx, and Instashift is BTC. On Bitbns exchange, it is the third most-traded cryptocurrency this year. Wazirx facilitated $6.5 million worth of BTC trades between Jan. 1 and March 7. Coindcx swapped 792 BTC for its users in the same time period, while Instashift’s BTC trades accounted for 77.76% of its total buy volume and 67.58% of its total sell volume.

The price of BTC has risen 4.28% year-to-date from $3,742 at the beginning of the year to $3,902 at the time of this writing. Its market cap currently stands at approximately $68.59 billion, which is roughly 51.65% of the total market cap of over 2,000 cryptocurrencies listed on Coinmarketcap.

ETH

ETH currently has the second-largest market cap of approximately $14.21 billion. The cryptocurrency is the second most-traded coin on Wazirx, with $2 million worth changing hands between Jan. 1 and March 7. It is the fourth most-traded coin on Instashift but did not make the top five coins by trading volume so far this year on Coindcx or Bitbns, according to data supplied to news.Bitcoin.com by the exchanges.

The price of ETH only climbed 0.86% from $134.49 since the beginning of January to $135.64 at the time of writing.

XRP

XRP, the native coin of Ripple, is one of the top five cryptocurrencies with largest trading volumes on Wazirx, Coindcx, Instashift, and Bitbns so far this year. It is the third most-traded on Wazirx, with approximately $2 million worth of XRP changing hands since the beginning of the year. It is the fourth most-traded coin on Coindcx, with 456 BTC worth traded during the same time period. XRP is also the most-traded coin on Bitbns and the second most-traded one on Instashift, accounting for 9.31% of the latter’s total buy volume and 9.74% of its total sell volume.

The price of XRP has fallen 12.78% from $0.354949 on Jan. 1 to $0.309570 at the time of this writing. The coin’s market cap is currently around $12.83 billion, which ranks it third highest of all cryptocoins.

TRX

Tron (TRX) ranks among the top five most-traded coins year-to-date on Wazirx, Coindcx, and Bitbns. Since the beginning of the year, around $1.7 million of TRX has changed hands on Wazirx and 423 BTC worth of the coin traded on Coindcx. In addition, another crypto exchange, Koinex, revealed on March 5 that TRX was the most popular digital asset of the week for its recently launched service, Express, which is an instant converter for over 200 crypto trading pairs.

The price of TRX has surged 17.71% since the start of the year, from $0.019096 to $0.022477. Its market cap is currently $1.50 billion.

Last month, China’s Center for Information and Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, began evaluating Tron’s blockchain and ranked it second among the 35 crypto projects it reviewed.

BTT

Newcomer Bittorrent token (BTT) is already among the top five coins traded on Wazirx and Coindcx. The former traded approximately $800,000 worth of the coin so far this year and the latter the equivalent of 559 BTC.

BTT began trading on Wazirx last month and quickly became a favorite among traders, the exchange revealed. A factor contributing to its popularity is likely the coin’s monthly airdrop for TRX holders on the 11th of every month, which Wazirx supports. Koinex also announced on Feb. 1 its support for the BTT airdrops.

The BTT token is expected to be integrated into the Bittorrent platform as a way to incentivize faster downloads. Although the integration has not taken place, BTT’s price has climbed 43.02% from its $0.000516 price on Jan. 31 to $0.000738 at the time of this writing.

Coindcx also noted that its third most-traded coin this year is THETA and the sixth most-traded is BNB. On Bitbns, ADA, EOS, and NEO also top the list of most traded coins during the same time period.

Currently, the Indian crypto community is waiting for the government to announce its first set of crypto regulations and hoping for the banking ban by the central bank, the Reserve Bank of India (RBI), to be lifted. The supreme court, on Feb. 25, gave the government four weeks to come up with a regulatory framework for cryptocurrencies before it sets a date to hear the petitions against the RBI ban.

Which cryptocurrencies do you like? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only and should not to be considered as trading or investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the trader.

Images courtesy of Shutterstock and Coinmarketcap.

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The post Most Popular Cryptocurrencies in India According to Exchanges appeared first on Bitcoin News.

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[cryptotodayinfo]

Cryptocoins brought to Indian exchanges for sale in India will attract additional tax

Cryptocoins brought to Indian exchanges for sale in India will attract additional tax

Several Indian crypto exchanges that get a supply of cryptocurrencies from outside India to besold domestically are all set to see their tax outgo jump on such transactions due to the newlaw. (digital assets tax) (30% income tax) (TDS) Going ahead even when cryptocurrenceis are brought on the Indian exchange, it will face the1% tax deducted at source or TDS. The way crypto trade works in India…

[mystery-tension-blog]

Selling Picks And Shovels To The Crypto Miners

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[coinnewsdesign]

New measure against Bitcoin in India

New measure against Bitcoin in India

The Indian banking and government system caused a stir in 2018 with the attempt to regulate Bitcoin. In the new year, they switched up a gear and announced that they would block bank accounts from customers trading in Cryptocoins.

Bitcoin News: New measure against Bitcoin in India

On Twitter, screenshots of Indian banks have surfaced that want to ban their customers brazenly trading Bitcoin.…

[shiv0072]

Indian or NRIs, Now onwards anyone can Cryptotrade through India in INR. No matter RBI has imposed Temporary ban on crypto trading, but Crypto community in India has decided to continue on the verge of excellence in Crypto world. On the matter of no backing, WazirX, one of the establishedd Crypto exchanges in India has offered NRIs (Non Resident Indians) and Indians from Assam (with no Aadhar card) to crypto trade without Aadhar card as a KYC proof.

[coindelite-blog]

Indian Crypto Platform BitConnect’s Head Arrested

To read more latest news visit: https://coindelite.com/

[dovnocom-blog]

[virtualcurrencyspace]

The Different Perspectives And Roles Of Bitcoin Must Be Considered For It’s Prudent Innovation Boosting Regulation

Apart from some anodyne lip service to blockchain technology, are policymakers trying to clearly parse out the distinction between the currency, the technology, and the network?

The Garg panel’s document seemed to be exclusively concerned with bitcoin as a cryptocurrency, and its destabilising effect on monetary policy. To be sure, these are valid concerns, and there are no easy, near-term answers.

Yet, the Indian government would do well to keep in mind the other two perspectives on bitcoin, which has inspired many to invest in cryptocoins.

https://www.google.com/amp/s/qz.com/india/1720430/india-must-note-that-bitcoin-is-much-more-than-a-cryptocurrency/amp/

[coin-river-blog]

An Indian supreme court advocate has shared some thoughts on the kind of cryptocurrency regulation India can benefit from. The right regulatory framework “would ensure transparency, oversight and accountability,” but a “one size fits all” regulation would be a mistake, she explains. Meanwhile, the Indian crypto community and industry bodies have urged the central bank to allow crypto businesses to participate in its new regulatory sandbox.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

How India Could Regulate the Crypto Industry

The regulatory framework for cryptocurrency in India is being finalized by an interministerial panel headed by Subhash Chandra Garg, Secretary of Department of Economic Affairs. The media recently reported that a draft bill has been circulating among relevant ministries for discussion. In an interview with the Economic Times CIO, N.S. Nappinai, a supreme court advocate and cyber law specialist, shared her thoughts on cryptocurrency regulation in India. She said:

Regulation would ensure transparency, oversight and accountability. The onus or burden on the government may be shifted to exchanges or other platforms offering virtual currencies or trading thereon.

“Explicit terms of functioning for such exchanges can regulate the kinds of virtual currencies that may be traded, the modes and methods of reporting, the restrictions on trading (including on valuation spurts etc.,) and also investor protection provisions can be incorporated,” the advocate suggested.

‘One Size Fits All’ Regulation Undesirable

There have been reports that the Indian government is both considering banning some cryptocurrencies and regulating some approved ones. The Economic Times recently reported on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” citing an unnamed government official claiming to know the details of the bill. Commenting on the possibility of a ban on cryptocurrencies, Nappinai told the publication that any “‘one size fits all’ option may be a huge mistake,” elaborating:

There is also debate on whether cryptocurrency can be banned at all. After all how would the government enforce it without infringing on the privacy of all. Any form of electronic device may be used to store cryptocurrency.

Since there has not been an official announcement by the government regarding the aforementioned bill or any other cryptocurrency bills, traders in India are undeterred by the rumor and continue to trade, as evident by rising volumes at local exchanges. “The report did not really affect volumes at all,” Nischal Shetty, CEO of local exchange Wazirx, told news.Bitcoin.com. “Unless we hear something concrete from our finance department I don’t think it’s going to affect existing traders.”

India’s Crypto Regulatory Attempt

In addition to several cryptocurrency-related warnings, the central bank has banned financial institutions from providing services to crypto businesses, as outlined in its circular issued in April last year. Banks subsequently closed accounts of crypto exchanges, forcing them to stop providing fiat support to their users. The advocate asserted:

By closing out the banking route, the Indian government merely pushed the entire market into the cash system thereby making it more opaque and impossible to track or trace.

Some startups are affected more than others. Zebpay, formerly one of the largest crypto exchanges in India, for example, shut down its exchange operations in the country in September last year due to the banking problem. Another crypto exchange, Coindelta, closed down in March for the same reason after the supreme court delayed hearing about the banking restriction. Coinome, a crypto exchange backed by online payment gateway Billdesk, has also halted operations due to regulatory reasons.

Last month, Cambridge University’s Centre for Alternative Finance released a report entitled “Global Cryptoasset Regulatory Landscape Study,” which discusses the regulatory frameworks of 23 countries including India. Hatim Hussain, one of the authors of the report shared some thoughts with news.Bitcoin.com. “Banning sale, purchase and issuance of all forms of cryptocurrencies is an extreme step,” he commented:

It is likely the bill will take some time to become law, even if the government decides to introduce the same in the Lok Sabha, and certainly not before the next supreme court hearing on the issue in July, which might provide some clarity on the issue.

The Indian supreme court is set to hear the crypto case on July 23 after repeatedly postponing it since last year. The court is expected to address two issues: the country’s regulatory framework for cryptocurrency and the crypto banking ban by the central bank. At press time, no cryptocurrency bill has been introduced for a first reading in Lok Sabha.

Hussain further explained to news.Bitcoin.com: “It is possible to regulate transactions in cryptocurrencies, if they constitute money laundering, under PMLA [Prevention of Money Laundering] Act. Nevertheless, the effective application of PMLA to illegal transactions in cryptocurrencies is a grey area since it is unclear whether the reporting obligations prescribed under Chapter IV (Obligations of Banking Companies, Financial Institutions and Intermediaries) of PMLA Act would extend to wallet operators or bitcoin exchanges or any third party bitcoin services.” He additionally detailed:

Further clarity (by way of amendment or otherwise) is indeed required before the government can effectively regulate illegal cryptocurrency transactions under PMLA. Amendment to PMLA is certainly a faster process than introducing a new legislation, but has to meet the rigours of Parliamentary approvals in any case.

India Learning From Other Countries

The Indian government has been observing how other countries regulate cryptocurrencies. The Securities and Exchange Board of India, for example, revealed in its annual report 2017-18 that it sent some officials to Japan, the U.K., and Switzerland to study how the regulators there deal with cryptocurrencies and initial coin offerings. In addition, India is a G20 country and has agreed to follow international standards on crypto assets such as the one developed by the Financial Action Task Force (FATF). According to the country’s Ministry of Finance, the Department of Revenue has been helping the FATF develop international standards on crypto assets.

Nappinai noted that many countries such as the U.S. have chosen to regulate crypto assets instead of banning them. “With every change that USA has brought about, other countries including Singapore and Japan have followed suit,” she opined:

India has many options to draw from but it has stopped short of taking a definitive call.

“India’s population and young demographic being a substantial part thereof is reason enough for the government to take a definitive stance,” the advocate told the news outlet. “Else a large young risk intensive population may have already entered the crypto-asset market and may then be left adrift with no remedies or solutions.”

RBI’s Regulatory Sandbox

The Reserve Bank of India (RBI) published a draft framework entitled “Draft Enabling Framework for Regulatory Sandbox” in April, leaving out businesses involving cryptocurrency, crypto asset services, crypto trading, crypto investing, and settling in crypto assets. It also excludes initial coin offerings and any products or services which have been banned by the Indian government. However, businesses dealing with smart contracts and blockchain technologies are allowed to participate in the sandbox.

Responding to the RBI’s request for public comments on the draft framework, industry lobby groups and founders of crypto startups have asked the central bank to reconsider its rules and allow businesses dealing with crypto assets to participate in its proposed regulatory sandbox, the Economic Times reported last week.

The National Association of Software and Services Companies (Nasscom), a nonprofit trade association of the Indian information technology and business process outsourcing industries, is among those that have urged the central bank to consider allowing crypto companies to participate in its regulatory sandbox. Among Nasscom’s initiatives listed on its website is “Liaisons with government and industry to influence a favourable policy framework.” In February, the association released a report calling for regulatory improvements and clarity in areas such as cryptocurrency.

Referencing how other countries have permitted crypto businesses in their regulatory sandboxes, the trade body asserted that including these businesses could help the central bank “develop a better understanding of the risks,” the publication wrote. “The decision to keep cryptocurrencies, trading of cryptocurrencies and initial coin offerings out of the purview of the regulatory sandbox is still not clear,” Nasscom remarked, adding:

Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox.

Payments Council of India (PCI), the payments industry lobby group, has also urged the RBI to include cryptocurrency businesses in its regulatory sandbox, according to the Economic Times. Naveen Surya, chairman emeritus of PCI, believes that “Since there is no outright ban on cryptocurrency technology, it should form part of the sandbox,” the news outlet conveyed and quoted him as saying:

Ideally, they shouldn’t have such large exclusions … The boundaries can’t be defined right away.

“The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective,” he described.

While India is leaving out crypto businesses from its regulatory sandbox initiative, Bahrain is trying to attract them to its crypto-friendly environment. In March, the Bahrain Economic Development Board invited Indian companies to set up base in its country. The Central Bank of Bahrain recently revealed that half of the companies it has approved for the regulatory sandbox are crypto service providers including exchanges.

The Right Regulation

Nappinai recognizes the importance of regulation. “Whilst technology may grow even exponentially without regulation or restraint, it reaches the tipping point when it needs the support of regulation to grow,” she told the Economic Times. However, the advocate clarified, “we are referring to effective and simple regulation to meet the requirement and not complex structures born out of fear,” emphasizing:

India should really look clinically at formulating simple regulations to meet its unique socio-economic milieu and lend support for developing the technology.

“With respect to crypto-assets, regulation would ensure transparency and certainty to both the business and investor stakeholders or at least put to rest this vertical as an investment option,” she concluded.

How do you think India should regulate cryptocurrency? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Advocate, ban, Bitcoin, BTC, crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currency, Government, India, Indian, RBI, Regulation, Supreme Court, Virtual Currency

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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[gilberthbolanos]

Pro-crypto Groups Lobbying Indian Government To Change Their Stance

Pro-crypto Groups Lobbying Indian Government To Change Their Stance

source: Block Chain today same now Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart … Pro-crypto Groups Lobbying Indian Government To Change Their Stance

[cryptswahili]

India: Lobbying Groups Are Pressuring the RBI to Reconsider its Anti-Crypto Policy

In India the crypto scene is not willing to give up in the battle against a government increasingly reluctant to accept these technologies. Following RBI’s decision to exclude crypto from the tests for its regulatory sandbox, an ever-growing number of actors are pressing against this move.

Reserve Bank of India

As previously reported by Ethereum World News, last month, the Reserve Bank of India published a document entitled “Draft Enabling Framework for Regulatory Sandbox. In it, they explained that they would study various technologies to assess their impact on the national economy and the need for regulation. However, they excluded cryptocurrencies because they considered them as “negative” adding that digital assets provide nothing new to The Economy.

Lobbies vs Reserve Bank of India

Nasscom, a trade association of Indian IT companies, is pressuring the RBI to change its opinion on the matter. The business conglomerate hopes that the Indian government will understand the necessity of having a comprehensive knowledge of the risks and potentials associated with cryptocurrencies, by including these technologies in the sandbox.

“Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox …The decision to keep cryptocurrencies, trading of cryptocurrencies and initial coin offerings out of the purview of the regulatory sandbox is still not clear.” 

Likewise, the Payments Council of India (PCI) has also tried to persuade the agency. Naveen Surya, chairman emeritus of this important Lobby group said that the Indian government’s position is retrograde and impedes modernization and the development of new markets:

“The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective… Ideally, they shouldn’t have such large exclusions. 

Exchanges Are Also Fighting Back

Likewise, not only these important financial groups have expressed their discontent. The Local exchanges have also decided to raise their voice against this decision.

“These coins are completely decentralized and currently no government has the technology to monitor them,” said Nischal Shetty, CEO of Mumbai-based crypto-exchange, WazirX, while another anonymous founder was just as challenging, with a question that may summarize the essence of this political confrontation between governments and crypto-anarchists:

“How can the government ban something it has no control over in the first place?

The post India: Lobbying Groups Are Pressuring the RBI to Reconsider its Anti-Crypto Policy appeared first on Ethereum World News.

[Telegram Channel | Original Article ]

[cryptobrief]

In India the crypto scene is not willing to give up in the battle against a government increasingly reluctant to accept these technologies. Following RBI’s decision to exclude crypto from the tests for its regulatory sandbox, an ever-growing number of actors are pressing against this move.

Reserve Bank of India

As previously reported by Ethereum World News, last month, the Reserve Bank of India published a document entitled “Draft Enabling Framework for Regulatory Sandbox. In it, they explained that they would study various technologies to assess their impact on the national economy and the need for regulation. However, they excluded cryptocurrencies because they considered them as “negative” adding that digital assets provide nothing new to The Economy.

Lobbies vs Reserve Bank of India

Nasscom, a trade association of Indian IT companies, is pressuring the RBI to change its opinion on the matter. The business conglomerate hopes that the Indian government will understand the necessity of having a comprehensive knowledge of the risks and potentials associated with cryptocurrencies, by including these technologies in the sandbox.

“Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox …The decision to keep cryptocurrencies, trading of cryptocurrencies and initial coin offerings out of the purview of the regulatory sandbox is still not clear.” 

Likewise, the Payments Council of India (PCI) has also tried to persuade the agency. Naveen Surya, chairman emeritus of this important Lobby group said that the Indian government’s position is retrograde and impedes modernization and the development of new markets:

“The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective… Ideally, they shouldn’t have such large exclusions. 

Exchanges Are Also Fighting Back

Likewise, not only these important financial groups have expressed their discontent. The Local exchanges have also decided to raise their voice against this decision.

“These coins are completely decentralized and currently no government has the technology to monitor them,” said Nischal Shetty, CEO of Mumbai-based crypto-exchange, WazirX, while another anonymous founder was just as challenging, with a question that may summarize the essence of this political confrontation between governments and crypto-anarchists:

“How can the government ban something it has no control over in the first place?

The post India: Lobbying Groups Are Pressuring the RBI to Reconsider its Anti-Crypto Policy appeared first on Ethereum World News.