However, in India, despite a Supreme Court judgement, the central government and the Reserve Bank of India (RBI) are moving towards banning ‘private digital currencies’. The government is planning to bring The Cryptocurrency and Regulation of Official Digital currency Bill, 2021 which will ban all ‘private cryptocurrencies’ and allow RBI to run its own digital currency. Cryptocurencies, world over, are seen as decentralised public assets rather than being private in nature.
Experts believe banning is not a solution. Moreover, banning will attract constitutional challenges.
"As an industry, we have been following the global best practices. This has helped us nurture and build a clean crypto ecosystem in India. With this association, we plan to work towards bringing positive crypto regulations to India. When every other country is bringing regulations, India should not be left behind," said Nischal Shetty, CEO of WazirX, the largest bitcoin
exchange in India.
The industry believes most of the players in the crypto market are start-ups and banning digital currencies will negatively impact them, which is why they have announced a dedicated entrepreneurs' association to bring a regulated market in India
According to the report, cryptocurrency industry in India already has a potential market value of $15 billion with more than 10 million active users and 5 major exchanges.
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