Indian Crypto Firms Club Together to Fight Potential Ban

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  • A group of Indian crypto companies have penned a letter to the country’s finance decision-makers with regard to crypto regulation
  • The government’s hardline stance has been a blow to the Indian crypto industry, with an outright ban mooted
  • The Blockchain and Crypto Council hopes it can engage on the matter if regulation

A cabal of Indian cryptocurrency exchanges and other companies in the sector plans to engage the country’s top financial decision-makers over the proposed ban on cryptocurrency investment, according to the Economic Times of India. The outlet reports that a collective called the Blockchain and Crypto Council will this week present a letter to India’s finance policy heads in an attempt to start a dialogue about how the space can be regulated rather than resorting to nationwide bans.

Indian Crypto Clampdown

The Blockchain and Crypto Council has taken steps to engage with the Indian financial authorities due to a deepening entrenchment by the Indian government with regard to cryptocurrency investing. Last month the Indian Finance Ministry threatened a nationwide ban on trading cryptocurrencies, since when there has been some confusion over the reach of such a ban.

To resolve the situation once and for all, the council, a subcommittee under the Internet Mobile Association of India, has drafted a note on the potential ways in which the cryptocurrency industry could be effectively regulated and allow for safe investing for those who wish to do so. The Economic Times of India has seen the draft letter, which it says includes “a code of conduct for crypto exchanges to follow on day-to-day operations, a white paper that highlights the possible effects of the proposed ban on crypto assets in India, and data of global regulatory landscape, among other things.”

“Proactive Approach”

Nischal Shetty, co-founder and CEO of the crypto exchange WazirX, which is a member of the Blockchain and Crypto Council, told the Economic Times of India that they initially planned to wait until asked to give evidence, but decided instead that the council “wanted to take a proactive approach”.

The council plans to deliver the letter this week, which it, along with the millions of Indian crypto investors, hope will represent the start of constructive dialogue on the matter and an eventual reversal of the planned ban.