Indian exchanges will turn to authorities with proposals to regulate cryptocurrencies – Bits Media

Due to the impending ban on cryptocurrencies in India, Local cryptocurrency exchanges prepared a document for the government with proposals for regulating industry.

The cryptocurrency industry in India again began to face hard normative restrictions on the part of regulatory authorities. Local media reports, that India is preparing for a complete ban on cryptocurrencies, And before that, the Indian government may introduce double taxation of crypto assets. Besides, Last week, the Indian legislation has already been amended, according to which local exchanges are required to report all cryptocurrency transactions.

Now cryptocurrency exchanges intend to clarify the issues of regulation of digital assets with state bodies. Blockchain and cryptocurrency development committee, acting under the leadership of the non -profit organization Internet and mobile association of India (I'm), prepared for this a special document. It will set out recommendations for the regulation of the cryptocurrency industry and possible ways to eliminate risks, associated with her. We are talking about money laundering, using cryptocurrencies in illegal activities, threats of state currency and the negative impact of mining on the environment. The document will be submitted for consideration by the Raping Bank of India (RBI), Minister of Finance India Nirmale Sitharaman(Nirmala sitharaman), as well as the Ministry of Electronics and Information Technologies India.

Co -founder and general director of the Wazirx exchange Nichela Shetti (Nischal Shetty) reported, that the presentation sets out the possible consequences of the preparatory prohibition on cryptocurrencies and the world practice of regulating the digital assets industry. Besides, The document contains the "Code of Inquisition" for cryptocurrency exchanges. According to Shhetti, Participants in the cryptocurrency industry for the first time send the government similar materials.

"We hope, that we will be invited for detailed discussion of regulatory problems. We didn't want to wait, Therefore, they themselves showed the initiative ", – The head of Wazir said.

Recently chairman of RBI Shaktikant Das (Shaktikanta das) He again expressed serious concern about cryptocurrencies and advocated their ban, As he thinks, that they threaten financial stability. However, the co -founder and general director of the Unocoin exchange Satvik Vishvanat (Sathvik vishwanath) reported, that in the period from 2015 by 2018 The year UnoCoin and other exchanges have repeatedly turned to RBI, Trying to explain the principles of cryptocurrency work, To soften the fears of the regulator.

“We have already tried to“ reach out ”to high -ranking RBI employees, But it was only a unilateral conversation. We sent documents with explanations, But this was all ending - our appeals remained unanswered. We never managed to find out, What the regulators want ", – Added by the co -founder of Uonocoin.

When in 2018 year RBI forbade the use of digital assets in the country, Many heads of cryptocurrency exchanges participated in informal conversations with federal legislators, Vishvanat reported. After that, how information about the ban on cryptocurrencies began to appear again, The industry doubled its efforts to eliminate the fears of the Central Bank of India. Vishvanat explained, that the cryptocurrency industry has begun self -regulation, Having implemented the KYC procedure to combat illegal activities.