According to reports, crypto founders have teamed up to form a lobbying group ahead of a speculated crypto currency ban.
The lobbying group is called Association for Blockchain & Crypto and digital asset Entrepreneurs.
Indian government, regulators and policymakers’ knowledge related to the crypto market is poor and unclear.
This lobby group is set up to get the industry together.
However, the aim is to convince the government against making any moves that would hamper the growth of the industry.
Crypto and blockchain has the potential to create global startups early on.
However, their proposed ban will destroy these young startups giving employment to thousands.
Further, the Crypto currency and Regulation of Official Digital Currency Bill, 2021 will be introduced in Parliament on March 8.
The objective of the bill is to create a facilitative framework to ensure that RBI issues the official digital currency.
Moreover, the bill will prohibit all private crypto currencies in India with certain exceptions to promote the underlying technology of crypto currency.
Crypto ban is not balanced as it focuses on the misuse of the technology as per the CEO of Unocoin.
Supreme Court overturned RBI’s order to prohibit banks and financial institutions from facilitating transactions involving crypto currencies in March 2020.
In India, there’s a lot of confusion about the definition of public and private crypto currencies.
This is because ‘public’ has a connotation of being government-owned.
Entrepreneurs have urged that the government to impose concrete regulations instead of a ban.
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